Mobile Premier League (MPL), the skill-based gaming giant, has made a strategic move through its publishing division, Blast, by investing in Surat-based game development firm XSQUADS. This marks Blast’s debut investment since its launch earlier this month, as it aims to bring innovative games from indie and global studios to the Indian market.
As per insiders, Blast is finalizing a $2 million investment in XSQUADS, acquiring a 20% stake at a valuation of $10 million. This partnership underscores Blast’s mission to empower game developers while strengthening its foothold in India’s burgeoning gaming ecosystem.
XSQUADS, founded by Jemesh Lakhani, is known for its flagship game, ScarFall, a battle royale experience inspired by real-life Indian locales such as Mumbai and the Andaman Islands. Players can explore multiple game modes, including survival, respawn, and team deathmatch (TDM), making it a popular choice among Indian gamers.
This collaboration will provide XSQUADS with access to MPL’s vast user base of 75 million players in India, significantly enhancing its reach and distribution capabilities.
Blast, which recently introduced the free-to-play GameDuell, aims to support independent developers worldwide in scaling their games within India. Encouraged by the growing popularity of free-to-play games, MPL’s focus on fostering the gaming ecosystem aligns with its vision to lead India’s digital gaming evolution.
In the past five years, MPL has acquired four startups—Good Game Exchange, GameDuell, GamingMonk, and Crevise Technologies—showcasing its commitment to expanding its gaming portfolio.
Despite regulatory challenges, MPL’s parent company, M-League, reported an impressive 22.2% growth in operating revenue, reaching ₹1,068 crore in FY24. Additionally, losses reduced by over 21% to ₹375 crore, with the company achieving operating cash flow positivity of ₹157 crore, signaling robust financial health.
This investment in XSQUADS highlights MPL’s continued efforts to innovate and strengthen its presence in the competitive gaming sector.