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As per a KPMG report published in 2019, over 300 million people in India play online games. Though online real-money gaming entered India just a decade ago, it has become quite popular among the Indians the primary reason being that the players can earn money and rewards while playing games. There are over 100 companies operating in the real-money gaming sector in India, and one of the most popular platforms for real-money gaming is MPL (Mobile Premier League). Founded in 2018, MPL is India’s largest mobile e-sports platform. Sai Srinivas Kiran G and Shubham Malhotra founded MPL.
MPL was last valued at $2.45 billion and is hailed as the 26th unicorn startup of 2021, and the second Indian unicorn online gaming startup to cross the 1 billion dollar mark, as of October 2021.
This post takes a deep dive into MPL’s success story, founders, history, business model, valuation, revenue, funding, founders, competitors, growth, logo, and much more.
MPL Company Highlights
| Startup Name | Mobile Premier League (MPL) |
|---|---|
| Headquarters | Bengaluru |
| Founders | Sai Srinivas Kiran G and Shubham Malhotra |
| Sector | E-Sports and Gaming |
| Founded | 2018 |
| Parent Organization | Galactus Funware Technology Private Limited |
| Valuation | $2.19 billion (as of December 2024) |
| Website | mpl.live |
About MPL
MPL – Industry
MPL – Founders/Owners and Team
MPL – Name, Tagline, and Logo
MPL – Business and Revenue Model
MPL – Growth and Revenue
MPL – Financials
MPL – Partnerships
MPL – Funding and Investors
MPL – Shareholders
MPL – Acquisitions
MPL – Investments
MPL – ESOPs
MPL – Awards and Recognitions
MPL – LayOffs
MPL – Challenges
MPL – Competitors
MPL – Future Plans
About MPL
Mobile Premier League, or MPL, is an online gaming platform based out of Bengaluru, India. Sai Srinivas Kiran G and Shubham Malhotra are the founders of the company. MPL provides an abundant pool of games such as chess, quiz, fantasy sports, free fire, rummy, 8 ball 3D pool, carrom, ludo, and more. The Mobile Premier League games are distributed into categories like fantasy sports, card games, puzzle games, arcade games, action games, and more
The company renders real cash rewards to those who win in these online games. With various offers that float on the platform and 24/7 support from the MPL team, mobile game lovers are inclined towards MPL. Mobile Premier League also provides the option of connecting with friends and offers a bonus for referring others to play on MPL. The Indian e-gaming platform has more than 60 online games, which can be accessed via its mobile application that is compatible with both Android and iOS phones.
Founded in September 2018, MPL company has seen rapid growth and is currently serving over 90 million users in India.
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MPL – Industry
The market of online fantasy games in India is expanding tremendously – over 100 million users in India joined numerous fantasy gaming platforms in 2020 alone. These online fantasy gaming platforms like MPL have been currently engaging 14% of all smartphone users in the country. The revenues from online gaming in India jumped 3X in a year and were last recorded at INR 16,428 crore in 2023.
The fantasy sports market in India is expected to grow at a rate of 20.88% from FY2024 to FY2031. It is projected to increase from USD 751 million in FY2023 to USD 3423.54 million by FY2031. The market has been growing fast in recent years and is expected to continue expanding strongly. Needless to say, MPL also has a huge opportunity in this market in the upcoming years in India.
Galactus Funware Technology Private Limited is the parent company of MPL. Galactus Funware Technology Private Limited is a private company incorporated on May 22, 2018. It is classified as a ‘subsidiary of the foreign company’ and is registered at the Registrar of Companies, Bangalore. Galactus Funware Technology offers a wide range of game applications, tournaments, cash rewards, and other related services.
Galactus Funware Technology Private Limited is currently focusing on Mobile Premier League, which is currently operating as a digital gaming platform.
MPL – Founders/Owners and Team
MPL was founded by Sai Srinivas Kiran G and Shubham Malhotra in September 2018.
Prior to MPL, Sai and Shubham co-founded CREO (a technology company) in 2014. CREO was acquired by Hike Messenger in 2017.
Sai Srinivas Kiran G (Co-Founder and CEO)
MPL CEO Sai Srinivas did his B.Tech from IIT Kanpur in Aeronautical Engineering. Soon after completing his graduation, he started working at a gaming firm, Zynga, where he was an Associate Product Manager. He then joined BSB – Bharti Softbank as the Director of Product, leaving which, he co-founded CREO Tech, where he was also appointed as the CEO. However, CREO was soon acquired by Hike Messenger, where he later served as the Head of Total. Srinivas then decided to venture into the mobile e-sports sector, when he co-founded MPL. Sai also co-founded Base9, a company that organized and promoted live events across India in 2009.
Shubham Malhotra (Co-Founder)
MPL co-founder Shubham Malhotra did his BE in Electronics and Instrumentation from the Birla Institute of Technology and Science(BITS), Pilani. He initially worked as the Co-founder and CTO of Capillary Technologies, a technology service provider, before moving on to co-found CREO, where he again served as the Co-founder and CTO. He continued to stay with Hike Messenger as the Head of Engineering at Total by Hike even after it acquired CREO. Shubham then decided to found MPL with his CREO co-founder, Sai Srinivas.
MPL amended its reward policy for employees and made it a reward for teams. This all-new reward system for teams, which it has introduced, will reward teams for their performance and targets achieved instead of rewarding employees, as per June 20, 2022. In terms of its employee salaries, MPL has merged the fixed and variable components of their salaries.
MPL – Name, Tagline, and Logo
The name ‘Mobile Premier League’ depicts the finest collection of games that can be accessed through mobile phones. The tagline of MPL was initially ‘Play.Compete.Win’. MPL now uses ‘Game Khelo Hero Bano’ as its tagline.
MPL – Business and Revenue Model
MPL’s business model revolves around the app that it offers its users. There are several ways in which MPL makes money. It collects an entry fee from the players whenever they want to participate in any game. When the company holds tournaments, it receives 20% of the total money raised from the participating players as a hosting fee. MPL’s gaming apps also make money through advertisements and in-app purchases. MPL’s business model has aided in its success.
“We already have multiple different forms of monetization that we are looking at, and are working for us. However, we are looking at one of these becoming a long-term source of monetization, while keeping the high level of engagement,” says Sai Srinivas Kiran, Co-founder of MPL, commenting on the monetization plans of the company.
MPL – Growth and Revenue
MPL boasts of having more than 90 million users in India alone and 60+ games. The company is a member of AIGF (All India Gaming Federation), FICCI, IAMAI (Internet and Mobile Association of India), and TRF (The Rummy Federation).
Some other growth highlights of MPL are as follows:
- MPL signed up as the ‘official sponsor’ for Kolkata Knight Riders (KKR) and Royal Challengers Bangalore (RCB) on August 26, 2020.
- In March 2019, Indian Cricketer Virat Kohli became MPL’s brand ambassador.
- MPL is currently trusted by 9 Crore+ Indians
Mayhem Studios
Mayhem Studios is launched by MPL in May 2022 to develop ‘AAA’ mobile games for domestic and global markets. ESports along with MPL launched this gaming studio, which revealed its first gaming title called “Underworld Gang Wars”.
MPL – Financials
| MPL Financials | FY23 | FY24 |
|---|---|---|
| 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 |
Operating revenue for MPL India surged 22.2% to INR 1,068 crore in FY24 from INR 873.7 crore in FY23. The business backed by Peak XV Partners increased its total expenses by 2% to INR 1,393.2 crore. Their losses all saw an increase from INR 309.3 crore in FY23 to INR 374.9 crore in FY24.
MPL – Partnerships
Here is a list of the prominent MPL partnerships:
- Mobile Premier League, a leading eSports and gaming platform, has partnered with GameDuell to expand its presence in global markets.
- MPL partnered with the hyper-casual developers and publishers, Voodoo to launch Helix Jump and Color Road
- The company partnered with Prime Focus Technologies for content creation
- MPL has already partnered with BCCI as the kit sponsor and official merchandise partner
- MPL has partnered with the Esports Federation of India (ESFI) as the sponsor of the Indian team
- MPL has collaborated with established as well as independent game developers from across India
MPL – Funding and Investors
MPL’s total funding stands at $375.5 million. The last round that the company raised was the Series E funding round worth $150 mn, dated September 15, 2021, and was led by Legatum.
In the Series D round held in February 2021, MPL raised funding of $95 million. The round was led by Composite Capital and Moore Strategic Ventures and funding participation was also seen from Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders circle and Play Ventures. The round before that was the Series C round held on September 21, 2020, where MPL raised $90 million from SIG, RTP Global, MDI Ventures, and Pegasus Tech Ventures. MPL’s existing investors, Sequoia Capital India, Go-Ventures, and Base Partners also participated in the round.
The company’s valuation stands at $2.19 billion, as of December 2024.
| 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 – Shareholders
MPL shareholding as of August 2023 (source: Tracxn):
| 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% |
MPL – Acquisitions
MPL has acquired 3 companies to date. GameDuell, the German Game Studio, was the last company acquired by MPL on February 28, 2022. This acquisition will help MPL, one of the most renowned esports and skill gaming platforms, to extend its operations across international markets. MPL is currently present in Europe, Asia, and North America. Here the partnership with GameDuell, the Berlin-based game studio that is the global pioneer in community card and board games, will help MPL get extensive experience in developing multiplayer games like action arcade, board, and puzzle games.
Mobile Premier League previously acquired GamingMonk and Crevise Technologies.
| Companies Acquired | Date | Deal Value |
|---|---|---|
| GameDuell | February 28, 2022 | – |
| GamingMonk | April 20, 2021 | – |
| Crevise Technologies | May 8, 2019 | – |
MPL – Investments
MPL has invested in 1 company to date, which goes by the name IndiGG.
| Date | Company | Funding Round | Deal Value | Lead Investor |
|---|---|---|---|---|
| January 19, 2022 | IndiGG | Seed Round | $6 mn | – |
MPL – ESOPs
MPL announced an ESOP buyback plan in September 2020, which was worth $3.2 mn for its employees, during the Series C round of funding. The company raised $500,000 from its existing employees in January 2021 under its Employee Investment Plan, where 10% of the MPL employees reportedly participated.
MPL made a few changes to its ESOP as well as its employee pay structure, as reported on June 20, 2022. In its ESOP part, MPL has reduced its ESOP vesting period, from a few years to some months. The company further mentioned that previously its employees were granted ESOPs at the end of a cliff period, which was after the completion of a year. At the conclusion of this cliff period, the employees of MPL got the first batch of ESOPs, and it was only in the next year that the company granted them the next batch of ESOPs. This policy was amended and made into one such structure where the employees can vest ESOPs immediately. Also, the updated ESOP policy of MPL has widened the period of availing ESOPs for employees who are exiting the company. While the previous policy allowed the parting employees to avail of their ESOPs for 30 days, now MPL will allow them an allowance of 10 years time from the vesting date.
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MPL – Awards and Recognitions
Some of the major awards and recognitions received by MPL to date are:
- MPL was recognized as the ‘Best Fantasy Sports Operator’ in the year 2019 by the India Gaming Awards.
- The company replaced Nike to become the official kit sponsor and the merchandise partner of both the national men’s and women’s sides as well as the U-19 team, as announced by the BCCI (the Board of Control for Cricket in India)
- MPL won the India CSR Leadership Award in 2021
- Mobile Premier League is known as India’s second gaming unicorn
- With over 60 games, Mobile Premier League (MPL) is currently India’s largest eSports and mobile gaming platform
MPL – LayOffs
MPL laid off around 100 employees on May 30, 2022. This way the company parted with 10% of its workforce. The number of people impacted can also be higher, as per the reports from sources on request for anonymity. However, it is also known that the employees affected by this layoff will receive complete severance along with other benefits.
Besides, the employees who held ESOPs in the company will also have an option to hold on to their ESOPs for the upcoming decade. Numerous Indian late-stage startups from various industries have already laid off their employees, like Meesho, CarDekho, Ola, Unacademy, mFine, Vedantu, etc., but the challenges that the Indian startups are facing become prominent when real gaming startups like MPL also had to lay off their employees. FrontRow, on the same day, laid off 30% of its workforce.
Though many startups like the ones mentioned above have performed their own layoffs, the gaming industry surely had better money-making luck. It is important to note that two of the top ten profitable companies among the unicorn companies of India that have successfully kept their valuations intact in the past few weeks are Games 24×7 and Dream11.
MPL (Mobile Premier League), following the decision by the GST Council to maintain a 28% tax on online real-money games, has taken the unfortunate step of laying off 350 employees in August 2023.
“Last week, it was confirmed that a 28% GST will be levied on the full deposit value rather than on Gross Gaming Revenue. The new rules will increase our tax burden by as much as 350-400%. As a business, we can prepare for a 50% or even 100%increase, but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions,” In an email addressed to the company’s employees, Srinivas, the founder and CEO of MPL, conveyed his message.
MPL – Challenges
Throughout the years since its launch, MPL has undergone numerous challenges. Establishing itself in the competitive industry of online and fantasy gaming is an unbelievable feat in itself, and it challenges the company continually.
Rollbacks
Along with announcing the 10% workforce layoff, MPL has also announced the rollback of its Indonesia operations. MPL has also stated that it will be doing away with the streaming product on its MPL app.
Karnataka banned MPL and other Online Fantasy Games
Mobile Premier League, Paytm First Games, and RummyCircle-like mobile gaming platforms that deal with real money had to suspend their services in Karnataka following the enactment of the state legislation that prohibited money wagering and betting in online games on October 5, 2021.
Apps like MPL and others were previously ruled as “games of skill” by one too many courts of India. However, this law, which is declared as a part of an amendment of the Karnataka Police Act, was enacted to ban all forms of online gambling and betting platforms. The offenders of the law, as announced on Tuesday, will henceforth be subjected to a maximum imprisonment of 3 years or a fine of up to Rs 1 lakh.
Soon after the law came into effect, MPL’s services were suspended in Karnataka on Wednesday, where the users of MPL are now greeted with the message, “Sorry! The law in your state does not permit you to play Fantasy sports” if they open the app. Though RummyCircle and Nazara’s HalaPlay had also updated their respective messages to inform their users regarding the ban of their services in the state, Dream11 still ran smoothly on October 6th, and it is still unclear whether they too have suspended their services.
MPL – Competitors
- Dream11
- Cricnwin
- LXG
- NODWIN Gaming
- FanFight
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Mobile Premier League Following the decision by the GST Council to maintain a 28% tax on online real-money games, the company has taken the unfortunate step of laying off 350 employees in August 2023.
Srinivas explained that the firm’s major variable costs encompass people, servers, and office infrastructure. He emphasised that in order to ensure survival and maintain business viability, it is imperative to reduce these expenditures.
“Last week, it was confirmed that a 28% GST will be levied on the full deposit value rather than on Gross Gaming Revenue. The new rules will increase our tax burden by as much as 350-400%. As a business, we can prepare for a 50% or even 100% increase, but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions,” In an email addressed to the company’s employees, Srinivas, the founder and CEO of MPL, conveyed his message.
MPL – Future Plans
MPL plans to grow by attracting more users and expanding into new markets. They will add more popular games to attract a wider audience and improve the platform to make it easier to use and more fun to play. They want to build a strong gaming community where players can learn and compete. To go global, they plan to enter new markets and partner with local organizers for events. MPL will also work with game developers to improve the platform and collaborate with sponsors to grow the business. They will invest in research to create new gaming experiences and stay updated with gaming trends.
FAQs
Who is MPL founder?
Galactus Funware Technology Pvt Ltd. is the parent company of MPL. MPL was co-founded by Sai Srinivas Kiran and Shubham Malhotra.
Who is the CEO of MPL?
Sai Srinivas Kiran G is the co-founder and CEO of MPL.
MPL is which country’s app?
Mobile Premier League (also known as MPL) is a mobile e-sports platform based in India. The unicorn startup is headquartered in Bangalore, Karnataka.
What is MPL business model?
MPL’s business model is based on real-money gaming, where users pay entry fees to participate in tournaments. It earns through in-app purchases, ads, and partnerships with game developers and sponsors.
How does MPL make money?
MPL makes money through entry fees for tournaments, in-app purchases, ads, and partnerships with game developers and sponsors.
Who is MPL Parent Company?
Galactus Funware Technology Pvt. Ltd. is a private company incorporated on 22 May 2018. It is classified as a ‘subsidiary of foreign company’ and is registered at the Registrar of Companies, Bangalore.
When was the Mobile Premier League founded?
The Mobile Premier League was founded in 2018.
How much money does MPL give?
For a simple game on MPL, the average entry fee is around INR 15 and you can win around INR 200 from it. You can also earn money by referring MPL’s games to your friends.
Is MPL App legal?
MPL app is an e-sports platform and has always been legal in India. However, according to the recent enactment of the state legislation, which banned money wagering and betting, online fantasy gaming apps like MPL, Paytm First Games, RummyCircle, and more was illegalized in the Indian state of Karnataka, as reported on October 5, 2021.
Is MPL KYC Safe?
MPL is certified by Master Card and Visa as a secure platform.
What are the Mobile Premier League games?
The Mobile Premier League games can be categorised into fantasy sports, card games, arcade games, action games and more.
What is MPL valuation?
MPL was valued at $2.3 billion in 2021.
What is MPL launch date?
MPL was founded in 2018.
