MPL raises $500,000 under its Employee Investment Plan
E-sports and mobile gaming platform Mobile Premier League (MPL) on Wednesday said it has raised USD 500,000 (about Rs 3.65 crore) from existing employees as part of its Employee Investment Plan.
The Employee Investment Plan, which was announced last month, was open to all employees of MPL and they could invest USD 2,300-23,000 in the company to acquire stock. “Over 10 per cent of MPL employees participated in this plan, with the total amount raised at USD 500,000,” according to a statement.
In September 2020, the company had announced an ESOP buyback plan worth USD 3.2 million during its series C funding round that had seen the company raise USD 90 million from SIG, RTP Global, MDI, Sequoia India, and others.
MPL Senior Vice-President (Corporate Development and Investor Relations) Joe Wadakethalakal said, “This (latest) 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.”
The company further said it would continue to extend such opportunities to its staff in the future.
