Home >Industry >Advertising >MPL raises 3.6 crore from employees

Bengaluru-based gaming company Mobile Premier League (MPL) on Wednesday said that it has raised $500,000 (approximately 3.6 crore) from its existing employees as part of the Employee Investment Plan (EIV) that was announced in December 2020.

The plan allowed MPL employees, across the company, to invest an amount in the range of $2,300 to $23,000 and acquire company stocks. More than 10% of the company's 500 odd employees participated and invested in the plan.

Also Read | How India has become an unequal republic

The company said that this was a time bound plan and closed in December. However they will open more such plans for their employees in the future.

"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," Joe Wadakethalakal, SVP, Corporate Development and Investor Relations, MPL said in a statement.

In September 2020, MPL had announced an ESOP (employee stock ownership plan) buyback plan worth $3.2 million for its employees during the $90 million series C funding led by SIG and RTP Global with MDI and Sequoia India as other participants.

ESOP allows employees to acquire ownership interest in the company, which they can sell back to the company later. It allows companies to receive various tax benefits.

Founded in 2018 by Sai Srinivas and Shubh Malhotra, MPL is regarded as one of the leading eSports and mobile gaming platforms with over 70 games and more than 6 crore users in India. The platform is also gaining traction in international markets such as Indonesia where they on-boarded over 3.5 million users within a year of launch.

Mobile gaming platforms such as MPL have seen a huge rush of new users and investment in 2020 due to covid-19 led shift to remote working, learning and entertainment. Gaming emerged as a major form of entertainment.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Edit Profile
My ReadsRedeem a Gift CardLogout