Indian esports and mobile gaming platform Mobile Premier League (MPL) announced yesterday that it has raised $500,000 (£364,200) as part of its Employee Investment Plan.
MPL launched the investment plan, which allows employees to become shareholders of the company, in December last year.
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Existing employees could acquire stock in MPL by investing anywhere between $2,300 (£1,675) and $23,000 (£16,754). According to the release, over 10 per cent of MPL employees participated in the plan.
Joe Wadakethalakal, SVP, Corporate Development and Investor Relations at MPL commented: “This initiative was introduced so that our most valuable asset, our employees, get an opportunity to own part of MPL and participate in the company’s success. We are privileged to work with people who have invested in the company’s future. This underlines the trust they have in MPL, and MPL’s faith in its people.”
The mobile gaming platform also plans to extend similar opportunities to its staff in the future. The company currently employees over 500 personnel with offices in Bengaluru, Pune, Jakarta, and Singapore.
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In September 2020, MPL announced an ESOP buyback plan worth $3.2 million during its Series C funding round, which resulted in the funding of $90 million (£70.4 million) from SIG, RTP Global, MDI, Sequoia India, and others.
As a result of the investment, MPL recently expanded to Indonesia, with the competitive platform now featuring over 70 casual and hyper-casual games ranging from rummy to Fantasy Cricket. In spring 2020, World Cricket Championship 2 (WCC2) partnered with MPL to host tournaments.
Esports Insider says: Following the recent ban of PUBG Mobile and one of the world’s strictest COVID-19 lockdowns, gamers in India could be on the lookout for additional sources of entertainment. The success of the firm’s employee investment fund, at least, shows an optimistic outlook for MPL’s future.