Unicorn Mobile Premier League, or MPL, is in talks to raise capital from a number of investors including the crypto exchange FTX as the mobile gaming startup prepares to make a web3 push, three sources familiar with the matter were quoted by TechCrunch.
MPL operates over 60 mobile games including some that are sports-based, card-based, and fantasy. According to TechCrunch, MPL has recently informed some existing and new potential investors that it plans to launch play-to-earn and NFT-based games later this year. The Bengaluru based company has recently forayed into Europe with acquisition of Germany based Game Duell.
MPL existing backers include Sequoia Capital India and RTP Global and was valued at a $2.3 billion in the last round (Series E). The FTX investment if goes through will be an extension of Series E round.
MPL has amassed over 5 million monthly active “cash playing” users, it disclosed in a December investor presentation, reported TechCrunch. Its monthly average revenue per user stood at about $5, the presentation said.
MPL is one of the petitioner before the Karnataka High Court challenging the online gaming ban law.
FTX Gaming, a subsidiary of the global cryptocurrency exchange company FTX has announced its partnership with the India arm of Yield Guild Games (YGG), IndiGG. FTX has recently raised more than $1.8 Bn in Series C Funding, led by Sequoia, who invested $1 Bn in the crypto company.
FTX last month said, India has over 400 million gamers with the number expected to grow to 650 million by 2025. Gaming grew from a $0.8bn industry in 2019 to a $1.8bn industry in 2021. This number is expected to cross $7bn by 2025.
Mobile gaming dominates, accounting for 80-85% of users and revenue. Investors have taken notice. VC funding to the Indian gaming ecosystem rose from $371mn in 2020 to $800mn+ in 2021.