Companies

Loco raises $9 million in seed funding round

Our Bureau Mumbai | Updated on June 28, 2021

The seed round was led by Krafton as well as Lumikai

Homegrown game streaming platform Loco, on Monday, announced that it has secured $9 million for its first round of fund-raising as an independent company.

The seed round was led by South Korean gaming firm and PUBG owner Krafton, as well as Lumikai, a gaming and interactive media fund.

The round also saw participation by Hashed, Hiro Capital, North Base Media, Axilor Ventures, and 3one4 Capital.

Independent entity

With this fund-raise, Loco will be spun off into an independent entity from its parent, the digital entertainment company, Pocket Aces. Pocket Aces founders Anirudh Pandita and Ashwin Suresh will lead Loco, going forward, while co-founder Aditi Shrivastava will continue to lead Pocket Aces.

“The new investment will fuel the platform’s innovation efforts across game streaming technology and gaming content, helping it cement its leadership position as the home of Indian gaming,” said the company in an official release.

“Loco is at the forefront of the game streaming revolution in India. We are just getting started on our mission to build the home of Indian gaming and we will work relentlessly to make India a global gaming superpower. With this investment, we have been joined on our mission by the pioneers of the global gaming industry,” said the founders of the company.

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The platform is home to India’s popular streamers such as Sc0ut, Jonathan, Mavi, Thug, Ghatak, Sumit, GTX Preet, Snax, Xyaa, GamingworldVerified, PsychoVerified, Pooja Gaming, HardCore Gamer and me2Gaming. It has built communities across various games, including FreeFire, Call of Duty Mobile, Clash of Clans, Grand Theft Auto (GTA) and Valorant, and houses India’s top esports teams such as TSM, IND, 8-bit/Soul.

It has hosted a range of tournaments in partnership with global publishers such as Activision, Ubisoft, and Riot Games. It is also in the process of building in-game integrations with international partners. In addition to these partnerships, Loco has teamed up with global giants such as NBA, Logitech, and Red Bull to run India-focussed esports programs.

The platform has witnessed a growth of six times in monthly active viewers over the past 12 months, with monthly active streamers scaling by 10 times and live watch hours scaling by 48 times since June 2020.

Published on June 28, 2021

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