According to an exclusive report by media outlet VCCircle, Galactus Funware Technology Pvt. Ltd. has completed a Series A funding round that attracted some heavy hitters. Galactus operates a digital skill gaming startup, Mobile Premier League (MPL), and the funding round saw it raise $5 million, led by the Sequoia Capital venture capital firm with participation by other, unidentified angel investors.
Galactus hopes to use the funds to expand MPL and improve its operations. The valuation of the company, either prior to or after receiving the investments, wasn’t revealed.
MPL was founded by Shubham Malhotra and Sai Srinivas Kiran Garimella, two well-known tech entrepreneurs. The platform provides a mechanism for participating in a variety of tournaments with varying levels of skills, such as monster truck, space breaker, Sudoku, fruit chop and others.
The tournaments offer real-money payouts. Winners are able to cash out their winnings immediately following a tournament through a bank transfer, Paytm or UPI (Unified Payments Interface). MPL asserts that it is the largest real-money mobile eSports platform in the world. The application has already been downloaded over a million times from the Google Play store.