Saturday, April 10, 2021

MPL raises $500,000 from its Employee Investment Plan

Cellular Premier League (MPL) on Thursday introduced that it had raised $500,000 from its present workers via its Worker Funding Plan.

The e-sports and cell gaming firm had launched the Worker Funding Plan final month. Underneath the plan, all MPL workers might make investments between $2,300 and $23,000 within the firm and purchase inventory. MPL stated greater than 10% of its workers participated within the scheme, serving to it elevate about $500,000.

The plan had come weeks after its ESOP buyback plan value $3.2 million throughout its Sequence C funding spherical, which noticed it elevate $90 million from SIG, RTP International, MDI, Sequoia India, and others. MPL promised to launch comparable programmes for its workers within the close to future.

“This initiative was launched in order that our most respected asset, our workers, get a chance to personal a part of MPL and take part within the firm’s success. We’re privileged to work with individuals who have invested within the firm’s future. This underlines the belief they’ve in MPL and MPL’s religion in its folks,” stated Joe Wadakethalakal, SVP, Company Growth and Investor Relations, MPL.

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MPL was based in September 2018 by Sai Srinivas Kiran G and Shubham Malhotra. The Bengaluru-based agency gives an e-sports platform throughout classes. It has over 3.5 million customers and has prolonged providers in markets corresponding to Indonesia.

The corporate has raised $130.5 million to this point in several rounds of funding. Again in September final 12 months, it raised $90 million in funding led by SIG and early-stage tech investor RTP International, together with MDI Ventures and Pegasus Tech Ventures. Present buyers Sequoia India, Go-Ventures, and Base Companions additionally participated within the Sequence C funding.

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