The Indian Mobile Premier League (MPL) is in talks to raise capital from a number of investors, including crypto exchange FTX, as the mobile gaming startup prepares to make a web3 move.
If this investment materializes, it will mark a significant change in the future outlook of the Bengaluru-based startup. New amenities and services will expand in a major category.
MPL includes more than 60 mobile gambling’s games, some of which are sports games like archery game, cricket100x, card games All card games, rummy, poker, call break, win patti. fantasy sport like fantasy cricket, fantasy football, fantasy basketball. The startup has informed some existing and new potential investors in recent weeks that it plans to launch play-to-earn and NFT-based games later this year. Sources stated that negotiations are continuing and they are not authorized to speak to the press. They also asked that their names not be disclosed.
MPL, which counts Sequoia Capital India and RTP Global among its existing backers, plans to raise the new investment at a valuation of $2.5 billion as an extension of its Series E round.
However, there is a rumor that investment conditions may change. FTX did not respond to media requests for comment. “As a company policy, we do not comment on speculation,” an MPL spokesman said in a statement.
In an investor presentation in December, it was announced that MPL had amassed over 5 million monthly active users. At the same time, it was stated in the presentation that MPL is trying to build the game distribution platform of tomorrow, where more than 500 million tournaments will be played every month.
A handful of startups in India are just starting to explore the opportunities in the web3 space. Dream11, MPL’s chief rival in India, is looking to invest $100 million in NFT startup Rario.
The investment in MPL will officially mark its arrival in the Indian ecosystem. FTX’s investment will be worth an estimated $32 billion. If this investment is realized, it will be above the clouds, along with the large scale partnerships and sponsorships it has made so far.