Albeit not from Might & Magic franchise, it's just the best from Jon Van Caneghem. Creature Quest is mobile game for Android iOS, being pretty fast paced and fun! You don't need to pour your money in, if you have patience. The game consists of several parts.
#1 - Collecting creatures from quests
#2 - Upragding them for better stats and profound effects, and also for look
#3 - Training them in Battle Tower
#4 - Putting them into Your own dungeon to defend your honour, while you will be looting others dungeons for pure pun!
#5 - Becoming virtually rich in your throne room
#6 - Social activity: Looting Dungeons and Battling in Towers in teams!
#7 - Your units are immortal, you play for prestige not for life.