The Indian Mobile Premier League, or MPL, is in talks to raise capital from a range of investors, including cryptocurrency exchange FTX, as mobile gaming startup Web3 prepares for a push, three people familiar with the matter said.
The investment marks a significant turn in the future prospects of the Bangalore-headquartered startup as it prepares to expand its offerings into a new category.
MPL, whose current backers include Sequoia Capital India and RTP Global, operates more than 60 mobile games including sports, card games, fantasy and casual games, but startups have grown in recent weeks. potential investors. announced that it plans to launch a game based on NFT technology later this year, sources said on condition of anonymity as discussions continue and they will speak to the press.
One source said that a month ago, MPL was looking for new investment to expand its Series E round, with a $2.5 billion valuation.
Investment conditions may change, sources warn. FTX did not respond to a request for comment in a timely manner. An MPL spokesperson said in a statement: “In line with company policy, we do not comment on speculation.
The startup has amassed over 5 million monthly active cash game users, as revealed in a December investor presentation that I reviewed. The presentation says that the average monthly income per user was about $5.
In the presentation, the MPL said it was building “tomorrow’s game delivery platform” with over 500 million tournaments played each month.
The investment will officially mark FTX’s $32 billion entry into the Indian startup ecosystem, where it has so far been involved mainly through partnerships and sponsorships.
FTX competitor Coinbase, on the other hand, has made several investments in the country, including two leading local crypto exchanges, Coinswitch Kuber and CoinDCX.