What Mayhem Studios does

Mayhem Studios is a Bengaluru-based mobile game development studio founded in 2022, operating as a dedicated AAA game-development subsidiary of MPL (Mobile Premier League). The company's sole current product is Underworld Gang Wars (UGW), a free-to-play AAA battle-royale mobile game set in the fictional Indian land "Dhantara." The game is rooted in Indian cultural iconography, featuring Indian-inspired locations (Fort, Gram, Mandi, Slums, Race Course), weapons (hammer, Katta), and two competing factions — Tyagi & Bhokal toli versus Boris & Velvets — with the river Maya dividing the map. UGW exited closed beta in May 2024 having recorded over 7.5 million registrations and is currently distributed exclusively via the Google Play Store on Android.

The studio is built around a 51–100 person team led by CEO Ojas Vipat, with functional heads covering developmental engineering, art, product, marketing, and legal/IR. Mayhem Studios monetizes UGW through a freemium model relying on in-app purchases — the standard mechanism for mobile battle-royale titles — with no publicly disclosed pricing tiers or paying-user benchmarks. Distribution runs through MPL's mobile-gaming platform and Google's app store, giving Mayhem access to MPL's existing Indian user base as the primary customer segment.

Mayhem Studios has raised capital from a gaming-focused investor syndicate, including a $20M round in April 2023 led by Peak XV Partners with Hashed Emergent, Steadview Capital, and Truecaller, followed by an undisclosed strategic investment from Lumikai in July 2024 (with Gaingels participation) to scale development and expand technical capabilities. The studio has signaled intent to build out an esports platform around UGW and to expand its IP portfolio beyond a single title, though it currently operates exclusively in India and has no disclosed AI/ML capabilities, patents, certifications, or acquisition activity.

Name

Mayhem Studios

Legal name

Mayhem Studios India Private Limited

Website

https://mayhem-studios.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

Mayhem Studios is a Bengaluru-based mobile game studio and MPL subsidiary that develops Underworld Gang Wars, a free-to-play AAA battle-royale mobile game with Indian cultural theming, targeting Indian mobile gamers via the Google Play Store.

Ownership category

akta.pro rank

Product category

Mobile Gaming

akta.pro primary industry

Game Server Hosting & Community Infrastructure (private servers, matchmaking communities) (MPAFAIAF)

akta.pro secondary industry

UGC Game Creation Platforms (Roblox-like, Fortnite Creative, Core) (MPAFAIAA)

Keywords

• Mobile game development
• Battle royale games
• Freemium mobile gaming
• In-app purchase games
• Indian cultural gaming

Headquarters

HQ city

Bengaluru

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. Mobile Gaming Revenue: Mayhem Studios generates revenue through free-to-play mobile gaming, likely utilizing in-app purchases as the primary monetization mechanism, consistent with standard mobile battle royale game economics.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Mayhem Studios develops and publishes Underworld Gang Wars (UGW), an AAA mobile Battle Royale game rooted in Indian culture and distributed free-to-play on the Google Play Store. The game is set in the fictional land of Dhantara, featuring Indian-inspired locations, weapons, and two competing factions, and monetizes through in-app purchases. The studio operates as a dedicated AAA game development unit within MPL's mobile gaming ecosystem.

Product overview

Mayhem Studios, a Bengaluru-based mobile game development studio under MPL (Mobile Premier League), specializes in developing AAA title games with Indian cultural themes. The company is building its flagship product Underworld Gang Wars (UGW), a AAA Battle Royale game featuring Indian culture, locations, and aesthetics. The studio operates as part of MPL's ecosystem, developing intellectual property for entertainment purposes and running an esports platform. Underworld Gang Wars is the company's primary offering, designed as a mobile-first AAA battle royale experience rooted in Indian heritage.

Differentiator

Problem solved

Functional benefit

Products and services

• Underworld Gang Wars (UGW) Underworld Gang Wars (UGW) is an AAA mobile Battle Royale game developed by Mayhem Studios under MPL. Set in the fictional Indian land of Dhantara, the game features culturally inspired locations such as Fort, Gram, Mandi, Slums, and Race Course, indigenous weapons like the hammer and Katta, and two competing factions (Tyagi & Bhokal toli versus Boris & Velvets). It is targeted at Indian mobile gamers on Android devices and monetizes through free-to-play with in-app purchases.

Quantifiable outcome

• Over 7.5 million registrations after beta exit

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• MPL (Mobile Premier League)coreStrategic or Co-development PartnerMayhem Studios operates as a mobile game development studio under MPL (Mobile Premier League). MPL is a leading mobile gaming platform in India, and Mayhem Studios functions as its dedicated internal game development studio working on AAA title development, particularly Underworld Gang Wars.

Scale indicators2 records

Recent moves4 records

Expansion highlights5 records

Direct peers

• Krafton: Krafton is the publisher of PUBG Mobile / BGMI (Battlegrounds Mobile India), the dominant mobile battle royale in India and the single largest competitive threat to UGW. Both target the same Indian mobile battle royale segment with similar freemium + in-app purchase monetization, and compete directly for the same player base.
• Garena (Sea Limited): Garena publishes Free Fire, one of the top mobile battle royale titles globally and a leading competitor in India and Southeast Asia. Same genre, same freemium mobile-first monetization model, same target demographic of mobile gamers in emerging markets — directly competing with UGW for share-of-time and share-of-wallet.
• nCore Games: nCore Games is an Indian game studio behind FAU-G (Fearless and United Guards), a mobile action game with Indian patriotic theming. Both are Indian-developed mobile titles targeting local cultural themes and the Indian gamer segment, making nCore a direct peer in geography and cultural positioning.

Broad incumbents

• Electronic Arts / Respawn Entertainment: EA published Apex Legends Mobile (co-developed with Respawn) in the mobile battle royale category before sunsetting it. As a broad incumbent gaming publisher with AAA shooter IP, EA represents the type of resource-rich global competitor that UGW must contend with in the battle royale space, though EA operates a much wider portfolio beyond battle royale.
• Activision Blizzard (Microsoft): Activision publishes Call of Duty: Mobile, a top-tier mobile shooter/battle royale title with significant India presence. As a broad incumbent with massive AAA franchises and live-ops expertise, Activision represents an established competitor with vastly greater resources than Mayhem Studios.
• Tencent: Tencent is a global gaming conglomerate with stakes in Krafton (PUBG Mobile) and ownership of Riot Games and other AAA franchises. While not a direct competitor in the same niche, Tencent's ecosystem ownership and gaming dominance make it a strategically relevant incumbent shaping the global battle royale competitive landscape.

Emerging players

• Gametion Technologies: Gametion is an Indian mobile game developer behind Ludo King, one of India's most successful mobile games with hundreds of millions of downloads. While focused on board/casual games rather than battle royale, Gametion is a comparable Indian mobile game studio targeting Indian gamers with culturally resonant content — similar geography and audience.
• Moonfrog Labs: Moonfrog Labs is a Bengaluru-based Indian mobile game studio behind titles like Ludo Club and Teen Patti Gold, serving Indian mobile gamers with locally-themed casual card and board games. Comparable as a peer Indian mobile gaming studio targeting the same geographic and cultural audience, though focused on casual rather than AAA battle royale.

Regional players

• Nazara Technologies: Nazara Technologies is a publicly listed Indian mobile gaming and sports media company with a diversified portfolio of mobile games and gaming-adjacent businesses. As an established Indian gaming company operating in the same geography, Nazara is a comparable regional player, though it focuses more on casual and sports gaming than AAA battle royale development.

Others

• Dream Sports (Dream11): Dream Sports operates Dream11 and other fantasy sports platforms and is one of India's largest mobile gaming ecosystems, with MPL as a direct competitor in the broader Indian mobile gaming space. Adjacent rather than directly competitive with UGW (fantasy sports vs. battle royale), but highly relevant as a peer Indian gaming platform shaping the same user wallet.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/mayhem_studios
• LinkedInlinkedin.com/company/mayhemstudios

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds3 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mayhem Studios