Report: Sequoia-backed esports startup MPL secures $100m at $800m valuation

The round was led by Composite Capital, Moore Strategic Ventures, and Telstra Ventures, along with existing investors, according to another source.

The esports startup’s valuation close to doubled from its previous round, said the report. In September last year, it closed US$90 million in a series C round from SIG, RTP Global, and MDI Ventures and was valued at US$450 million.

The latest investment will bring the firm’s total funding to US$230 million to date.

MPL co-founder and CEO Sai Srinivas confirmed the fundraise to the Economic Times and said the company’s valuation was just “a hair’s breadth shy of a billion dollars.” He did not, however, disclose any further information.

Founded in 2018, Indian-based MPL developed a platform where users can play skill games and win cash prizes in return. The startup saw a fourfold growth and achieved over US$1 billion in gross merchandise value from March to September last year, according to the report.

Among its earlier backers include Sequoia Capital India, Go-Ventures, and Base Partners, among others.