MPL secures $75 Mn in fresh financing led by SIG Global

At present many edtech and online gaming companies are attracting investors. Recently, Mobile Premier League or MPL has secured $75 million in fresh financing led by SIG Global India Fund.

As per news source, MPL has also raised more than $110 million across three institutional rounds. The news source also reveals that the company is valued at $340-350 million in the fresh financing round. In April 2019, it had raised $35.5 million led by Sequoia Capital, Go Ventures and Times Internet.

As per the regulatory filings in Singapore, MPL has secured an amount of $34 million from SIG Global while Sequoia Capital and RTP Global have invested $11.5 and $12.5 million respectively in MPL’s holding company M League. GV Games has put in $9 million, followed by MDI Ventures and CE Ventures’ with $5 million and $2 million.

Other existing investor like Beenext, Bae Growth and PennBrook Capital also participated also participated in the round.

The filings also showed that in January 2019, Haresh Chawla, Amrish Rau, Jitendra Gupta, Gaurav Munjal, Pawan Kumar Ongle and Shubham Gupta had also invested in MPL. The fresh round also has a secondary component where SIG Global picked up 110 shares worth $1.24 million from Beenext, PK Ongle, VH Capital, Haresh Chawla, Gupta Shubham.

Post this allotment, co-founders Sai Srinivas Kiran and Shubham Malhotra are the largest stakeholders in MPL with 34% collective holdings (17% each). Sequoia is the second biggest owner with a 31.48% stake. See pie-chart for the complete shareholding pattern.