Mobile Premier League (MPL), a prominent skill-based gaming unicorn, has announced its first investment through its publishing division, Blast, in the Surat-based gaming studio XSQUADS. MPL has committed $2 million to acquire a 20% stake in XSQUADS, valuing the studio at $10 million.
Founded by Jemesh Lakhani, XSQUADS has gained a strong following with its flagship game ScarFall, a battle royale offering realistic maps inspired by Indian locales, including Mumbai and the Andaman Nicobar Islands. The game’s survival, respawnable, and team deathmatch (TDM) modes have been particularly well-received by Indian gamers, making it a standout title in the country’s expanding gaming market.
This partnership enables XSQUADS to leverage MPL’s extensive user base of 75 million in India, significantly enhancing its distribution potential. Blast, MPL’s publishing platform, aims to support independent game developers worldwide in tapping into India’s booming gaming ecosystem, where free-to-play models are driving growth.
MPL’s investment in XSQUADS reflects its commitment to expanding within the gaming sector. This follows previous acquisitions, including Good Game Exchange, GameDuell, GamingMonk, and Crevise Technologies. MPL’s parent company, M-League, has demonstrated robust financial performance, reporting a 22.2% increase in revenue to ₹1,068 crore in FY24, alongside a 21% reduction in losses and a positive cash flow of ₹157 crore.
Key Highlights:
- MPL’s Blast publishing arm invests $2 million in XSQUADS, acquiring a 20% stake.
- XSQUADS’ flagship game ScarFall features Indian-themed maps and diverse gaming modes.
- The partnership gives XSQUADS access to MPL’s 75 million users in India.
- MPL’s investment aligns with its growth strategy in the gaming industry, supported by strong financial performance.