Mobile gaming and e-sports startup Mobile Premier League (MPL) has managed to raise a massive $95 million in Series D round of funding led by Composite Capital & Moore Strategic Ventures. Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders Circle & Play Ventures also took part in the round, driving its total fundraising amount so far to $225.5 million. The investment moreover resulted in a 2X jump in its valuation from about $400 million in September 2020’s $90 million fundraising round. The company stated that its most recent valuation is $945 million, which is not so far away from the unicorn status. Presently, Dream 11 is the sole gaming unicorn in India.

Mobile Premier League stated that it has over 60 million users in India and more than 3.5 million users in Indonesia. The gaming and esports platform provides gamers with 50+ games from different categories & has so far collaborated with 28 game developers to publish their games on the platform. The most recent investment will be utilised for expanding its eSports portfolio & organising digital tournaments in addition to the company’s global expansion in 2021. MPL had organised the digital sports festival College Premier League in 2020 which comprised Rs 1 crore in prizes & scholarships.

“The esports community in India is thriving, and we believe this is the perfect time to take Indian-made games to the world as well as help Indian gamers get recognized for their talent,” Co-Founder & CEO of MPL Sai Srinivas said in a statement. MPL had managed to raise $500,000 last week through its current employees under its Employee Investment Plan, which witnessed participation from 10% of the company’s employees. Indian cricket team captain Virat Kohli had invested in the startup in February 2019 and was unveiled as the platform’s brand ambassador in March.

The online gaming industry in India is governed by the Public Gambling Act (PGA) 1867 involving real money transactions. Nevertheless, the industry has been involved in a legal quandary for years now regardless of the steady rise in the popularity of online gaming among Indian users.

“Differing state interpretations of online skill games make it difficult to build scale for businesses. Since its inception, AIGF has been at the forefront, working with relevant policymakers to demonstrate the skill aspect of the game and also economic benefits that accrue from the online skill gaming industry,” said Roland Landers, CEO of the All India Gaming Federation.

The digital gaming market in India is foreseen to rise from about $295 million in revenue in 2020 to $531 million by the year 2025 at a CAGR of 12.5% in addition to user penetration growth from 8% to 10.2%, as per Statista. Growing smartphone sales, rise in disposable income & access to affordable & fast internet have been the drivers behind the growth of the industry so far.