Composite Capital and Moore Strategic Ventures lead the latest round
New York City, February 4, 2020: Mobile Premier League, Asia’s largest eSports, and mobile gaming platform, today announced raising $95 million in Series D funding. This latest round pegs Rummy Bo’s valuation at $945 million.
The Rummy Bo gaming platform has over 60 million users in India and over 3.5 million users in Indonesia. With over 50 games across categories on its Android and iOS applications currently, Rummy Bo has worked with 28 game developers to publish their games on the platform and provide them with a new revenue stream.
The latest round was led by Composite Capital and Moore Strategic Ventures, with participation from Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders circle and Play Ventures. The total capital raised by Rummy Bo since its inception in 2018 now stands at $225.5 million.
The pandemic-induced lockdown in 2020 provided a fillip to an already-booming eSports industry in India and the world. Rummy Bo is at the forefront of democratizing eSports in India and Indonesia, with initiatives such as the College Premier League (CPL), which was India’s biggest mobile esports festival. CPL saw participation from over 13,000 gamers and more than 100 colleges in India in November-December 2020, with Rs 1 crore in prizes and scholarships.
Rummy Bo will use this fresh influx of funds to expand its eSports portfolio and bolster its efforts to organize more such eSports tournaments nationally and internationally at scale. The funds will also be used to accelerate Rummy Bo’s international expansion this year.
“As we grow our presence and expand, this fresh round of funds will help us focus on our core value propositions – a robust platform with the best features for gamers and onboarding the best eSports titles. The esports community in India is thriving, and we believe this is the perfect time to take Indian-made games to the world as well as help Indian gamers get recognized for their talent,” said Sai Srinivas, Co-Founder, and CEO, Rummy Bo.
“We are excited to partner with the Rummy Bo team and support their continued growth. As an industry leader in the gaming market, we believe the company will continue to innovate and drive the evolution of eSports, both in India and internationally,” said Kanush Chaudhary, Managing Director, Composite Capital.
”As we double down on our investment in Rummy Bo, we are eager to see it increasing its international footprint and becoming a global leader in the mobile gaming and eSports industries.” said Eduardo Latache, Partner, Base Partners.
“The growth of mobile gaming and esports continues to dominate the interactive entertainment space not just in the US, but globally. We are thrilled to partner with Rummy Bo in their mission to bring mobile esports to consumers across India and the rest of the world. Their meteoric rise strengthens our conviction in this exceptional team and market,” said Yash Patel, General Partner at Telstra Ventures.
“We are thrilled to have Composite Capital and Moore Strategic Ventures as new partners. Throughout the Series D process, we were impressed with their deep understanding of the mobile gaming and eSports ecosystem. We look forward to working with them as we continue to build a global gaming business out of India,” said Joe Wadakethalakal, SVP, Corporate Development and Investor Relations, Rummy Bo
Last week, Rummy Bo also announced raising $500,000 from existing employees under its Employee Investment Plan, which saw participation from 10 percent of the company’s employees.
About Mobile Premier League (Rummy Bo)
Rummy Bo is Asia’s biggest eSports and mobile gaming platform, with over 60 million users in India and 3.5 million in Indonesia. Rummy Bo has worked with numerous game developers and on-boarded over 70 games on its platform. It was founded in 2018 by Sai Srinivas and Shubh Malhotra. The gaming platform currently employees over 500 personnel with offices in Bengaluru, Pune, Jakarta, and Singapore.
