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Friday, March 1, 2024

MPL acquires GamingMonk

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Sequoia Capital backed Esports and skill gaming platform MPL on Tuesday announced it has acquired Delhi-based esports gaming platform GamingMonk for an undisclosed amount. 

After Nazara Technologies, India’s second-leading gaming company MPL has also started its plan to gain a strong foothold in the Indian market. With the current valuation of $800 million, MPL plans to create a complete suite of esports and broadcasting capabilities that will help the company in bringing key national, regional, and global tournament IPs to India. 

GamingMonk is a company that specializes in hosting esports tournaments across multiple platforms including PC, consoles, and mobile phones. GamingMonk has over 1.3 million registered users and serves as a launchpad for the Indian Esports and gaming community. The platform offers gamers an integrated ecosystem across different games where each member can chat, live streaming, discover content, and earn money by playing. 

Ashwin Haryani, co-founder, GamingMonk said,

I strongly believe that our collaboration with MPL will not only help us accomplish our goal, but also transform the way every individual in our country views esports. MPL has been one of the pioneers in changing the gaming culture in Asia, and it was a no-brainer for us that if there was someone who could help us reach our goal at the earliest it had to be them

As part of the deal, MPL will absorb the entire GamingMonk team and as well as its IPs. 

MPL CEO and Cofounder, Sai Srinivas said,

GamingMonk will augment our efforts in reaching our target audience and engage with our users effectively. With the increased consumption of esports in the last couple of years and it becoming as competitive as any other sport, it gives us immense pleasure to present our users with the best of games to play, and enjoy their passion for gaming

MPL is also introducing Esports Arena, a banner under which MPL will host fortnightly esports tournaments in some of its smartphone-friendly titles such as chess, WCC, pool, etc. Each of these tournaments will carry a cash prize of Rs10 lakh, and entry will be free-for-all gamers. MPL will also stream the games online across different social media platforms. 

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