India’s Mobile Premier League, or MPL, is in talks with several investors including crypto exchange FTX to raise capital as mobile gaming startup Web3 prepares to make a push, three sources familiar with the matter told me.

An investment will mark a significant shift in the Bengaluru-headquartered startup’s future outlook as it prepares to expand its offerings into a new category.

MPL, which counts Sequoia Capital India and RTP Global among its current backers, operates more than 60 mobile games including sports-based, card-based, fantasy and casual titles, but in recent weeks the startup has taken some of the existing And has informed new potential investors that it plans to launch the play-to-earn and NFT-based game later this year, with sources requesting anonymity, saying discussions are ongoing and that they will press Not authorized to talk to

A month ago, MPL was looking to raise fresh investments at a valuation of $2.5 billion as an extension of its Series E round, said one of the sources.

Investment terms may change, sources cautioned. FTX did not respond to a request for comment by press time. In a statement, an MPL spokesperson said: “As a company policy, we do not comment on speculation.”

The startup has amassed more than 5 million monthly active “cash playing” users, it revealed in a December investor presentation I reviewed. Its monthly average revenue per user was about $5, the presentation said.

In the presentation, MPL said that it is building the “Games Delivery Platform of Tomorrow” with over 500 million tournaments being played every month.

An investment will officially mark the arrival of $32 billion worth of FTX in the Indian startup ecosystem, where it has so far been involved largely through partnerships and sponsorships.

In contrast, Coinbase, FTX’s rival, has made several investments in the country, including the top two local crypto exchanges, CoinSwitch Kuber and CoinDCX.


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