The KPMG India report of 2019 implies that currently more than 300 million populations are actively engaged as online gamers from India. The gaming vertical, which was active in the Indian market for a decade, burst up and became popular for the given fact that it provided opportunities for earning cash and rewards to the players. Today there are over 100 companies having their activity in real cash gaming in India. The Mobile Premier League (MPL) has been a leading one.
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MPL- Mobile Premier League talk of the town, flooding India’s vast markets with its explosive growth. The company and India’s largest mobile esports platform have included a $2.45 billion valuation in October 2021 and became the 26th unicorn start-up in 2021. Furthermore, it’s now the second Indian-owned real-money gaming start-up to cross the $1-billion mark.
Learn more about the success story behind MPL that include its revenues, source of funds, first-generation founders, key rivals, and strategic growth tactics, as well as a deep dive into the MPL logo. Entrepreneurs and game enthusiasts, of course-if you happen to be one of them-you will not regret pursuing such a valuable article about one of India’s most successful online gaming industries.
About MPL Industry
Founded by Sai Srinivas Kiran G and Shubham Malhotra in September 2018, Mobile Premier League (MPL) headquartered in Bengaluru ranks among the new gaming platforms within the Indian system. With over sixty popular games available across most mobile platforms, the games include chess, rummy, fantasy sports, 8-ball pool, and carrom, among many more crammed within the observable ambit of fun games, including many genres that circle around the unimaginably large ether of fantasy sports, card games, puzzle games, arcade games, and action games.
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It has millions of users by giving real cash winnings that allow users to win thousands while playing their favorite games. With services like 24/7 customer support, referral bonuses, and many occasional promotions, MPL is today on the journey of becoming the choice of most mobile gamers in India. This app is available for Android and iOS users and currently serves over 90 million users in the country.
India’s online gaming market is expected to be in full swing. New members joining an exciting fantasy gaming platform crossed the mark of over 100 million people in 2020, which resulted in a threefold increase in gaming revenue, reaching $88 million for the financial year 2024. This is the kind of opportunity every platform will want to possess in future times.
MPL is run under its parent company, Galactus Funware Technology Private Limited, which focuses on providing mobile gaming apps, cash prizes, and tournaments. With a centralized user base and increasing market, it is going to make good use of the fast-growing online gaming sector of India.
Founders/Owners & Team of MPL
Mobile Premier League was an idea of Srinivas Kiran G and Shubham Malhotra, very much two entrepreneurs with great experience in technology and gaming, hatched in September 2018. The year is 2014 when Sai and Shubham co-founded CREO, the technology company, before launching AWS. In 2017, when Hike Messenger acquired the company, it seemed pretty apparent that the two were on the setting of another venture in the mobile e-sport space.
Sai Srinivas Kiran G – Co-Founder of MPL
Sai Srinivas Kiran G., who graduated with a B.Tech in Aeronautical Engineering from IIT Kanpur and is the current CEO of MPL, worked as an Associate Product Manager after graduating from DI-Zynga and then turned to BSB (Bharti Softbank) as Director of Product. Later, he co-founded CREO, where he was CEO until Hike Messenger acquired it, after which he was in charge as Head of Total. He has deep experience in the areas of product management and gaming and co-founded MPL to revolutionize mobile e-sports. Apart from this, he co-founded Base9 in 2009, a company that held live events across India.
Shubham Malhotra – Co-Founder
Shubham Malhotra, who co-founded MPL, has done his BE in Electronics and Instrumentation from BITS Pilani. Shubham’s career journey started as co-founder and CTO of Capillary Technologies, a tech services company. He went on to co-found CREO with Sai, taking on the roles of co-founder and CTO. After being acquired by Hike Messenger, Shubham continued to stay on as Head of Engineering at Total by Hike before founding MPL with Sai.
As of June 2022, MPL has implemented a company-wide reward policy introduced for team performance; it will no longer reward employees individually. Thus, teams will be rewarded based on the targets and performance they achieve, thereby improving collaboration and collective success. Also, MPL has restructured its salary by merging the fixed and variable components of compensating employees, thereby simplifying the payment process.
Business & Revenue Model of MPL
It is a business under which MPL, with its mobile gaming app, works to deliver multiple sources of revenue for its success, the most revenue-generating activities being collection charges for different types of entry to games or tournaments and hosting 20 percent of total revenue collected from players entering tournaments organized by MPL.
Thus, revenues accrue also from advertisements differentially placed within the app and accruing for the major source supplemented by actual games played by users without any regard as it becomes a source of revenue. Another revenue generation avenue is in-app purchases from players buying virtual items, boosts, and other game features.
As said by the co-founder of MPL, Sai Srinivas Kiran G, “We already have very multiple ways of monetization are going strong with that, but this is one that we are trying to build in the long term as a revenue source and, at the same time, keep the best in terms of user engagement.” This diverse idea of monetization has played a significant role in the quick expansion and continuity of MPL’s great success in the online gaming industry.
Growth & Revenue of MPL
Over 90 million users and 60 different games on the platform boast what is now, in a very short space of time, the powerhouse of India’s online gaming world—MPL. Collaborations have been cemented with prestigious affiliated organizations, inclusive of All India Gaming Federation (AIGF), FICCI, IAMAI, and TRF.
Amongst best outcomes in the rush of rewards is that of being an official sponsor of two of the IPL teams, namely, Kolkata Knight Riders (KKR) and Royal Challengers Bangalore (RCB), in August 2020. This will ensure that the brand gains more visibility and recognition.
Earlier, in March 2019, the news broke that MPL signed the most loved cricketer in India, Virat Kohli, as its brand ambassador, which enhanced the already packed profile of the platform.
MPL now counts over 9 crore (90 million+) users in India and is well on its way to becoming one of the e-sports mobile platforms.
Finance & Accounts of MPL
The financial status of the MPL is impressive, and it has almost covered 90% of the online gaming industry. Here, we have listed some of the statistics of the finance & accounts of MPL.
| MPL Financials | Financial Year 2023 | Financial Year 2024 |
| Total Operating Revenue | INR 873.7 cr | INR 1,068 cr |
| Total Expenses | INR 1,365.7 cr | INR 1,393.2 cr |
| Profit/Loss | Loss of INR 309.3 cr | Loss of INR 374.9 cr |
MPL India has therefore witnessed phenomenal growth for FY24, with revenue rising 22.2% to INR 1,068 crore from INR 873.7 crore in FY23. Growth was based on the platform by Peak XV Partners, an important investor in these businesses. Peak XV Partners strongly backs the platform’s growth. However, revenues notwithstanding, MPL’s total expenses have increased by 2 percent to reach an annual INR 1,393.2 crore.
The company’s losses also grew, going up from INR 309.3 crore in FY23 to even INR 374.9 crore in FY24. However, this loss reflects ongoing challenges that have forced MPL to put in heavy investments for expansion.
Partnerships of MPL
The key MPL partnerships that have contributed towards its expansion and successful presence are as follows:
1. Collaboration with GameDuell: MPL associates itself with GameDuell, global gaming platforms that broaden the canvas of international markets as it moves on its track to setting itself firmly into the global footprint.
2. Voodoo: Partnered with Voodoo, among the best hyper-casual game developers, helping existing popular game titles like Helix Jump and Color Road within their catalogue.
3. Prime Focus Technologies: The partnership has been made with Prime Focus Technologies to boost user engagement and experience in the content creation process.
4. Sponsorship by BCCI: MPL was able to win a very high-profile partnership with BCCI—the Board of Control for Cricket in India, being the kit sponsor and the official merchandise partner for the board, enabling it to enhance its visibility significantly.
5. Esports Federation of India (ESFI): MPL is now firmly cemented within the Indian eSports ecosystem—the official sponsor of the Indian eSports team—due to the link with the Esports Federation of India (ESFI).
6. Game Developer Collaborations works with established and independent game developers across India to enrich the title library and provide a varied game experience.
Shareholders of MPL
The gaming company has worked impressively and achieved recognition as a successful name in the online gaming industry. The company has several shareholders, and some of them are listed in the list.
Table of Shareholder
| MPL Shareholders | Percentage |
| Sai Srinivas Kiran Garimella | 11.6% |
| Base Partners | 2.3% |
| Sequoia Capital | 21.7% |
| SIG | 10.5% |
| VGames | 7.2% |
| MDI Ventures | 3.7% |
| RTP Global | 3.3% |
| Gojek | 1.6% |
| Angel | 11.7% |
| ESOP Pool | 11.2% |
| Others | 15.2% |
Funding and Investors of MPL
In fact, by the end of December 2024, the Mobile Premier League (MPL) had raised total funding up to $375.5 million for its fast strategic expansion within the confines of online gaming. Most importantly, it marked the most recent round of this funding in the form of Series E, as it raised MPL funds of which $150 million was conducted on September 15, 2021, under the aegis of an investor named Legatum.
Prior to this, MPL raised $95 million as part of its efforts during the Series D funding round in February 2021, which attracted many prominent investors such as Composite Capital, Moore Strategic Ventures, Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders Circle, and Play Ventures.
In September 2020, MPL raised another $90 million in the Series C round, which was backed by existing investors Sequoia Capital India, Go-Ventures, and Base Partners, besides new investors SIG, RTP Global, MDI Ventures, and Pegasus Tech Ventures.
The staggering market valuation of MPL, now settled at $2.19 billion by the end of 2024, put it in one of the top slots as one of the mobile gaming platforms in India.
MPL Success – Funding
| Date | Stage | Amount | Lead Investors |
| September 15, 2021 | Series E | $150 million | Legatum |
| February 4, 2021 | Series D | $95 million | Composite Capital and Moore Strategic Ventures, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders circle and Play Ventures |
| September 21, 2020 | Series C | $90 million | SIG, RTP Global, MDI Ventures, Pegasus Tech Ventures |
| April 24, 2019 | Series A | $35.5 million | Sequoia Capital India, BEENEXT, RTP Global, Venture Highway, Times Internet |
| November 8, 2018 | Seed Round | $5 million | Sequoia Capital |
MPL Success- Awards & Recognition
Mobile Premier League (MPL): The best in India with very many awards across industries, said to be the best in mobile gaming and e-sports.
Best Fantasy Sports Operator (2019): MPL continued to gain accolades through recognition of being named as a Best Fantasy Sports Operator at the India Gaming Awards 2019, making all proof of its relevance in this industry of fantasy.
Official relationships with BCCI: In a gulping breeze, brand-new kit and apparel patron for Indian men’s and women’s teams in national cricket and under-19 cricket have succeeded Nike. The Brand Board of Control for Cricket in India revealed.
India CSR Leadership Recognition Award (2021): India CSR Leadership Recognition Award, 2021, received by MPL for its contributions to corporate social responsibility and community engagements.
Second gaming unicorn from India: MPL became the second Indian gaming startup to achieve unicorn status after its valuation reached as high as 1 billion dollars.
It is the largest e-sports platform in India: With more than 60 games within its portal, MPL today remains the largest mobile eSports and gaming platform in India, further entrenching itself into the country’s gaming ecosystem.
Competitors of MPL
1. Dream 11
2- Cricnwin
3- LXG
4- NODWIN Gaming
5- FanFight
MPL Success- Future Plans
MPL is looking to add more depth to its games portfolio and to expand its user base while at the same time building business and technology partnerships. The company would hire 1,500 new employees by mid-2023 and open a new office of 500 seats in Hyderabad and one more global office that could come up in New York or Seattle.
MPL will use its cash reserves in developing and achieving EBITDA neutrality of the core business. In this regard, it will continue to look for new investment opportunities in high-growth areas, like its U.S. operations and Mayhem Studios. As the company will stop all those businesses that have failed, it will focus on growth-enabling strategic initiatives only.
Conclusion
MPL has developed a strong foothold in India’s mobile gaming and eSports setup, and the same is evident with its growing user base and a footprint in the global landscape. The strategic tie-ups of the company with well-funded series rounds and expansion into new markets will get it to long-term success as it adds on new games, grows its workforce, and invests in global offices and new ventures while retaining a clear eye on driving sustainable growth and operational efficiencies in all areas of the business. MPL, too, seeks to become a recognized, forward-facing, well-informed investor. It would cement its dominance in the highly competitive gaming industry in India and globally.
