India’s Mobile Premier League, or MPL, is in talks to raise capital from a number of investors, including crypto exchange FTX, as the mobile gaming startup prepares to make a Web3 push, three sources familiar with the matter told me.
An investment will mark a significant shift in the Bengaluru-based startup’s future prospects as it prepares to expand its offerings into a hot new category.
MPL operates more than 60 mobile games, some of which are sports-based, card-based and fantasy-based. In recent weeks, it has informed some existing and potential new investors that it plans to launch gaming and NFT-based games later this year, the sources said, requesting anonymity as deliberations are ongoing and they are not allowed to speak. to the press.
MPL, which counts Sequoia Capital India and RTP Global among its existing backers, is looking to raise the new investment in the extension of its Series E round at a valuation of $2.5 billion, one of the sources said. .
The terms of the investment could change, the sources warned. FTX did not respond to a request for comment by press time. In a statement, an MPL spokesperson said, “As company policy, we do not comment on speculation.”
MPL has amassed more than 5 million monthly active cash play users, he revealed in a December investor presentation, which I reviewed. Its average monthly revenue per user was around $5, according to the presentation.
In the presentation, MPL said it was building “the game distribution platform of tomorrow”, where more than 500 million tournaments are already played every month.
A handful of established startups in India are beginning to explore opportunities in the web3 space. Dream11, MPL’s main rival in India, is looking to lead a $100 million investment in NFT startup Rario, TechCrunch reported earlier. NFT cricket startup FanCraze, which was recently valued at $500 million in a round led by Insight Partners, plans to expand into the game, he said.
Glance, a subsidiary of InMobi Group backed by Google and Jio Platforms, acquired gaming platform Gambit last month to present live game shows and NFT-based incentives to its users.
The upcoming investment in MPL would officially mark the arrival of FTX, valued at $32 billion, into the Indian startup ecosystem, where it has so far been heavily involved through partnerships and sponsorships.
FTX rival Coinbase, on the other hand, has made a number of investments in the country, including the two major local crypto exchanges, CoinSwitch Kuber and CoinDCX. Both Indian crypto exchanges compete with WazirX, which is owned by Binance.