EDtech and digital gaming platforms are clearly in demand, in lieu of the COVID – 19 lockdown. Investors are interested in these platforms like never before. While tech companies such as Byju’s, Unacademy, Vedantu, Toppr, and Eruditus have raised large rounds, gaming companies like Dream11, Mobile Premier League (MPL), and WinZO have been attracting heightened interest from VCs and strategic investors.
After WinZO’s Series B round, Dream11’s competitor Mobile Premier League or MPL is in advanced talks with Susquehanna International Group (SIG) to raise $50-60 million in its Series B round, said three sources aware of the details of the deal.
“The talks have been on since early July. The contours of the transactions are almost finalised,” said one of the sources on condition of anonymity. “SIG would lead the round while existing investors including Sequoia India, Times Internet and GoVentures would also participate.”
So far, the Bengaluru-based fantasy gaming company has raised $40.5 million across two institutional funding rounds. In April 2019, it raised $35.5 million led by the aforementioned backers.
“MPL will be valued in the range of $350-380 million by SIG,” said the second source. The person requested not to be named as the talks are private. “The deal is almost frozen and it’s likely to be announced in a few weeks from now.”
Started in September 2018, MPL works with third-party developers and then publishes their game on the platform where users can participate in skill-based games including cricket, puzzles, chess and crosswords to win cash prizes.
The fresh round in MPL is coming at a time when WinZo had just raised $18 million in a Series B funding round led by Makers Fund and New York-based Courtside Ventures. According tosources, it was valued at $61 million in the recent round.