Bangalore-based Galactus Funware Technology Private Limited, which runs and owns e-sports platform Mobile Premier League (MPL), has raised US$5 million (~ Rs 36.5 crore) in a Series A round of funding from undisclosed investors that include one or more angel investors, reported VCCircle.
Notably, the e-sports platform was founded in May this year by founders of CREO — Sai Srinivas Kiran Garimella and Shubham Malhotra, which was acquired by Hike in August last year. CREO used to design, develops and sell consumer electronics as well as a licensed operating systems (on top of Androd OS) called Fuel OS. Its hardware products include the HDMI streaming media dongle Teewe and the smartphone Mark 1 that operates on its Fuel OS.
MPL, which claims to be the largest real-money mobile e-sports platform in the world, will use the freshly raised capital to expand operations and build its product.
The e-sports platform runs a gaming platform where users compete in live tournaments for skill-based mobile games to win money. Once the results are announced for a tournament, winners can cash out immediately with Paytm, UPI or bank transfer, according to the information on company’s website.
It recently went live on Google Play for Android users.
As withdrawals on MPL involve transfer of money to users’ bank/wallet account, and hence PAN & Aadhaar Card is a mandatory requirement as a proof of identity for MPL users.
Of late, e-sports gaming is picking up popularity in India and gaining attention of investors as well. Recently an another Indian e-Sports gaming startup GamingMonk had raised ₹4 crore in funding round led by Japan-based Incubate Fund, and Google’s Rajan Anandan.
At the same time, global sports tech fund, ADvantage, which runs by family Adidas founder, had too recently announced that it is looking out for gaming and e-sports startups in India for investment opportunities.
According to data by Newzoo, India’s current revenue from e-sports activities comes to around $800 million and is expected to increase by five-fold by 2021.
Late last month, MultiFit Wellness Private Limited, a functional fitness studio brand, had announced India’s first Gym chain driven fitness incubator program, which would focus on startups and ideas in sports, fitness, wellness and nutrition