India’s Mobile Premier League, or MPL, is in talks to raise capital from a number of investors, including crypto exchange FTX, as the mobile gaming startup prepares for a web3 push, three sources familiar with the case.
An investment will mark a significant shift in the future prospects of the Bengaluru-headquartered startup as it gears up to expand its offerings into a new, vibrant category.
MPL operates over 60 mobile games, including some that are based on sports, maps, and fantasy. In recent weeks, it has informed some existing and new potential investors that it plans to launch play-to-earn and NFT games later this year, the sources said, asking for anonymity as deliberations continue. and they are not authorized to speak. to the press.
MPL, which counts Sequoia Capital India and RTP Global among its existing backers, is looking to increase the new investment as an extension of the Series E round at a valuation of $2.5 billion, one of the sources said.
The terms of the investment may change, the sources warned. FTX did not respond in time to a request for comment. In a statement, an MPL spokesperson said, “As a company policy, we do not comment on speculation.”
MPL has amassed more than 5 million monthly active cash playing users, it revealed in an investor presentation in December, reviewed by me. The monthly average revenue per user was about $5, the presentation said.
In the presentation, MPL said it was building “the game distribution platform of tomorrow”, where more than 500 million tournaments are already played every month.
A handful of established startups in India are beginning to explore the possibilities in the web3 space. Dream11, MPL’s main rival in India, is looking to lead a $100 million investment in NFT startup Rario, TechCrunch previously reported. Cricket NFT startup FanCraze, which was recently valued at $500 million in a round led by Insight Partners, plans to expand into gaming, it said.
Glance, a subsidiary of the InMobi Group backed by Google and Jio Platforms, acquired gaming platform Gambit last month to introduce live game shows and NFT-based incentives to its users.
The impending investment in MPL officially marks the entry of $32 billion FTX into the Indian startup ecosystem, where it has been involved largely through partnerships and sponsorships.
Coinbase, the rival to FTX, on the other hand, has made a number of investments in the country, including the top two local crypto exchanges, CoinSwitch Kuber and CoinDCX. The two Indian crypto exchanges compete with WazirX, which is owned by Binance.
This post FTX in talks to invest in Indian gaming startup MPL, sources say – TechCrunch was original published at “https://techcrunch.com/2022/04/03/ftx-in-talks-to-invest-in-indian-gaming-startup-mpl-sources-say/”