Video Game Streaming Platform Loco Raises $9 Million led by Krafton & Others
Indian video game streaming platform Loco has raised $9 million in funding from investors including South Korean gaming company Krafton Inc. in its first fundraising effort to capitalize on the growing popularity of games-based entertainment in the South Asia. Loco will utilize the funds to upgrade its technology and content, said the Mumbai based startup in a statement.
Loco had previously received backing from investors such as Lumikai Ltd., India’s first gaming media fund, London-based Hiro Capital and early stage investors including 3one4 Capital & Axilor Ventures.
Livestreaming of video games which was an established industry in international markets was still in its nascent stages in India till a few years ago. However, the genre received massive boost during the pandemic with millions of Indians being locked indoors.
“Cheap data and inexpensive phones brewed a perfect situation in India, creating a completely new category of entertainment," co-founder Anirudh Pandita said in an interview. “Over 100 million monthly active users in India engage with these games, imagine a 100 million people playing a sport that no one’s watching - that’s what Loco set out to solve for."
Loco was founded by Pandita and Ashwin Suresh, who met as engineering undergraduates at the University of Illinois at Urbana-Champaign. The duo are Wall Street veterans turned entrepreneurs. They founded Pocket Aces Pvt, a digital studio creating streaming content to provide an alternative to traditional television entertainment. The gaming startup will be spun off from Pocket Aces with this funding, according to the statement.
Loco has expanded rapidly in the past year, with monthly active users growing six times and monthly active streamers increasing 10 times. Its main competitor currently is Google-owned YouTube, the startup said.
“Over two-thirds of India’s millennials are gamers," said Salone Sehgal, general partner of Lumikai. India’s esports and streaming industry is set to grow at an average annual clip of 36% over the next three years, while game streaming watch time in India is already twice the global average, he added.
Loco has a roster of the country’s most best-known streamers playing popular games such as Clash of Clans, FreeFire, and Call of Duty Mobile. It also hosts top esports teams and their tournaments, though the genre remains a niche in India.
“India’s big focus is on mobile games," said Suresh. “The best mobile game players in the world will definitely come from India."
Loco had previously received backing from investors such as Lumikai Ltd., India’s first gaming media fund, London-based Hiro Capital and early stage investors including 3one4 Capital & Axilor Ventures.
Livestreaming of video games which was an established industry in international markets was still in its nascent stages in India till a few years ago. However, the genre received massive boost during the pandemic with millions of Indians being locked indoors.
“Cheap data and inexpensive phones brewed a perfect situation in India, creating a completely new category of entertainment," co-founder Anirudh Pandita said in an interview. “Over 100 million monthly active users in India engage with these games, imagine a 100 million people playing a sport that no one’s watching - that’s what Loco set out to solve for."
Loco was founded by Pandita and Ashwin Suresh, who met as engineering undergraduates at the University of Illinois at Urbana-Champaign. The duo are Wall Street veterans turned entrepreneurs. They founded Pocket Aces Pvt, a digital studio creating streaming content to provide an alternative to traditional television entertainment. The gaming startup will be spun off from Pocket Aces with this funding, according to the statement.
Loco has expanded rapidly in the past year, with monthly active users growing six times and monthly active streamers increasing 10 times. Its main competitor currently is Google-owned YouTube, the startup said.
“Over two-thirds of India’s millennials are gamers," said Salone Sehgal, general partner of Lumikai. India’s esports and streaming industry is set to grow at an average annual clip of 36% over the next three years, while game streaming watch time in India is already twice the global average, he added.
Loco has a roster of the country’s most best-known streamers playing popular games such as Clash of Clans, FreeFire, and Call of Duty Mobile. It also hosts top esports teams and their tournaments, though the genre remains a niche in India.
“India’s big focus is on mobile games," said Suresh. “The best mobile game players in the world will definitely come from India."
.jpg "Caim By Arelang: India's First CandyCeuticals Company Offering Nutraceuticals in Irresistibly Tasty Treats")
