e-Sports gaming startup Mobile Premier League aka MPL has secured INR 36.5 crores ($5 million to be exact) in a series A round of funding, VCCircle reported. However, the details of the deal including names of the investors have not been disclosed by the startup.
According to some sources of VCCircle, several angel investors participated in the round and led the investment. The development comes just after months when Mobile Premier League has started operations. The startup came into existence this year itself.
We speculate that the startup plans to use the fund to expand their operations and strengthen the product by improving its technology. Owned and operated by Galactus Funware Technology, the startup was founded by Sai Srinivas Kiran Garimella and Shubham Malhotra.
It provides a skill-based tech platform using which users can compete in several live gaming tournaments for free and win cash prizes. The platform offers six games including Sudoku, Brick Breaker, Crosswords and some bunch of other games. The prize is instantly transferred to the winner through UPI, Paytm or bank transfer.
Garimella is an IIT Kanpur alumnus while Malhotra is a BITS Pilani alumnus. The entrepreneur-duo earlier co-founded Creo, the startup which manufactures HDMI media streaming device Teewe. Hike Messenger acquired the firm last year.
Skill-based gaming firms in India are picking up their pace and several digital gaming startups have raised funds recently. Some of the prominent players in the space are GamingMonk, 9stacks, Nazara Technologies, 99 Games, Dream 11 and UmaPoker.
In October, GamingMonk raised INR 4 crores from a bunch of investors. In the same month, the online poker startup 9stacks raised around INR 28 crores in series A funding round from WaterBridge Ventures.
A lot of serial entrepreneurs are emerging this year in India. Kunal Shah, the founder of FreeCharge launched his new venture Cred earlier this month. While Ibibo’s founder Ashish Kashyap founded a new fintech startup INDwealth and raised $50 million from Steadview Capital even before starting operations.