Indian gaming upstart and household fantasy cricket platform MPL (Mobile Premier League) has been reported to be in discussions with multiple potential investors, including Crypto exchange platform FTX. As the platform prepares for a Web3.0 presence, MPL plans to raise further capital at a valuation of $2.5Bn.
A recent report from TechCrunch states that MPL could be in talks with Crypto exchange platform FTX for a potential investment. This would be in expansion to the Firm’s Series E round. MPL currently is officially backed by Sequoia Capital India and RTP Global.
MPL offers close to 60 gaming options on its platform. These include card-based, sports-based, and most prominent and popular, fantasy sports games, among others. Recently, the company has made public its interest to expand into Play-to-earn and NFT-based games, to existing and potential new investors, according to the anonymous sources of the TechCrunch report. (Guess we’re all gonna have to learn more than just the Bored Ape pictures all over twitter!)
While FTX have refused to comment on the report, an MPL spokesperson was quoted saying “as a company policy, we do not comment on speculations.”
Regardless of how the situation pans out, MPL has continued th thrive in the relatively small e-sports market in India. In a presentation made to investors in December, MPL disclosed that the platform garners around 5 million monthly “cash playing” active users. Each user reportedly generates a monthly average revenue of $5.
Earlier, MPL revealed their recent e-sports campaign, The Great Indian Gaming League , earmarking INR 2000 Crores for it.
If the alleged talks turn out to be eventful, it would mark the arrival of the crypto exchange giant FTX into the Indian market space. FTX’s chief rival CoinBase, already has a marked presence in India, with a $150 million invested in Indian companies, prominently Local Crypto exchanges CoinDCX and CoinSwitch Kuber.
