An app that enables users to engage in skill-based sports and earn real money. MPL was labeled the country’s fastest-growing esports platform and the extremely fast application within seven to eight months.
MPL, founded by Sai Srinivas and Shubham Malhotra in September 2018, intends to give users a platform to make money by playing online games with gamers from all over the world. In a Series E round led by Legatum Capital, the firm raised an undisclosed amount at a pre-money valuation of $2.3 billion. In startup jargon, a unicorn is a firm worth more than a billion dollars. In a Series D round earlier this year, the Mobile Premier League raised $95 million. In that round, the Bengaluru-based business was valued at $945 million post-money. In the most recent round, its value has more than doubled.
MPL succeeded, according to Srinivas, because they had incredibly low-cost smartphones, practically free connectivity thanks to Jio, and a secure payment mechanism like UPI. All of these factors came together in 2017 to create an ideal environment for digital start-ups to thrive.
In an interview with The Hindu , Srinivas said “UPI is a gamechanger. We are there in multiple markets across the world and not one country comes close to India in terms of payments infrastructure that we developed”.
MPL’s parent business is Galactus Funware Technology Private Limited. Galactus Funware Technology Private Limited was established on May 22, 2018 as a private corporation. It is registered with the Registrar of Companies in Bangalore as a “subsidiary of a foreign firm.” Galactus Funware Technology provides a variety of gaming apps, tournaments, cash prizes, and other services. Galactus Funware Technology Private Limited is currently working on a digital game platform called Mobile Premier League.
What Makes MPL a Preference Among Users?
MPL’s defining characteristic is that it has a wider selection of games than its competitors. The MPL’s success may be credited to the diversity of games available, which range from fantasy sports to e-sports. Fantasy sports refers to people putting up fictitious teams to play professional sports online.
MPL sold tickets for Rs. 99, which allowed customers to play fantasy football for free throughout all matches. The prices for each gaming event, on the other hand, ranged from Rs. 2 to Rs. 30. MPL, on the other hand, sees one of these as a long-term source of revenue while maintaining a high level of involvement.
MPL has announced the merger of Nextwave Multimedia’s World Cricket Championship Rivals game.
The platform received a major boost in February when MPL announced the integration of Nextwave Multimedia’s World Cricket Championship Rivals game, which has over 11 million downloads. It was a wise decision. It was also timed well to capitalise on the Indian Premier Competition (IPL), the world’s wealthiest and most popular T20 franchise league. The competition was supposed to take place from March 29 to May 24. However, the games were cancelled, as were many other sports events, to stop the spread of COVID-19.
Future aims of MPL
- MPL inks a memorandum of understanding with Telangana to establish a gaming development centre. Under the terms of the agreement, the state government would dedicate a 500-seat facility at IMAGE Towers to the Mobile Premier League, with the MPL agreeing to share technical know-how and recruit local talent. Jayesh Ranjan, Telangana’s principal secretary for information technology, electronics, and communication, and Mobile Premier League CEO Sai Srinivas Kiran signed the MoU in the presence of K.T. Rama Rao, Telangana’s minister for information technology and industry. The MPL will collaborate with the Telangana Academy of Skills and Knowledge (TASK) to offer unique game development, animation, and sports-related courses in order to expand the state’s talent pool.
- MPL will be available for iOS and Android in the United States, including games such as baseball and solitaire. Users in the United States, according to Srinivas, may participate in free skill games as well as paid contests with prizes ranging from 60 cents to $6. In comparison to India and Indonesia, MPL’s service cost for hosting tournaments in the United States will be greater. “From a revenue basis, we believe the United States and India will be neck and neck. “Even Indonesia would be roughly 60 to 70% of that size,” Srinivas said.