Go-Ventures, the investment vehicle for ride hailing platform Go-Jek, is lining up a $30m investment in India-based eSports game platform Mobile Premier League (MPL), according to the Economic Times.
The round could value the company at around $150m, two people familiar with the matter told ET, representing a twelvefold increase in valuation from its previous round in October this year.
Founded in early 2018, MPL has created a real money mobile gaming platform where users play in tournaments for cash prizes. They picks a game such as Sudoku, cricket or crosswords and can select a tournament based on the number of players or the length of the game.
Winners can claim their prize through a bank transfer or payment systems Paytm and UPI, and withdraw their money immediately.
MPL received $5m in the October series A round led by venture capital firm Sequoia Capital that valued it at $12m to $13m according to ET.
Go-Jek has raised $1.5bn since the start of 2017, from internet technology provider Google, local services platform Meituan-Dianping, internet group Tencent, e-commerce firms Blibli and JD.com, insurer Allianz’s Allianz X unit, industrial conglomerate Astra International, Temasek, Warburg Pincus and KKR.