Mayhem Studios, the mobile game development arm of gaming unicorn MPL, has reportedly raised $20 million in its Series A led by Sequoia Capital India, with participation from Steadview Capital, Truecaller and others. As Per an ET report, Bing Gordon, chief product officer at Kleiner Perkins, has participated in the round in his personal capacity as well.
The publication, citing a source close to the game development studio, said that the development was shared with the employees at a recent town hall meeting. The source said the company plans to deploy the incoming funds to boost its capabilities and develop new games in India.
Incidentally, Sequoia, which led the funding round in Mayhem Studios, is also an investor in MPL. Launched in May 2022, the gaming studio develops AAA mobile games. The studio released its first gaming title shortly after its launch. Mayhem Studios competes with Dream Game Studios, a Dream11 subsidiary, and Nazara Technologies, among others.
Founded in 2018 by Sai Srinivas and Shubh Malhotra, MPL offers various gaming options, including skill-based games like daily fantasy sports and chess to casual games such as 8 Ball Pool and Fruit Ninja. The startup last raised $150 million in its unicorn round in September 2021.
In recent months, MPL has also diversified into Web3 gaming and launched the NFT marketplace Good Game Exchange (GGX) last month to tap into the play-to-earn gaming sector.
