In a funding round, led by Krafton, which distributes PUBG in India, and gaming media fund Lumikai, video game streaming platform Loco has raised $9 million. Hiro Capital, Axilor Ventures, and 3one4 Capital were also part of the investment round.
Incidentally, Krafton, a South Korean gaming company, is making its first investment in India.
The Mumbai based company, Loco, will be spun out from its parent firm, Pocket Aces. The funding will be used by Loco to develop streaming technology and content.
Anirudh Pandita and Ashwin Suresh created Loco Interactive Pte Ltd. Pandita and Ashwin Suresh met as engineering freshmen at the University of Illinois at Urbana-Champaign. After working on Wall Street, the pair founded Pocket Aces Pvt, a digital studio that creates streaming content as an alternative to traditional television programming. According to the release, the game firm would be spun off from Pocket Aces with this cash.
Loco has grown at a breakneck pace in the last year, with monthly active users growing sixfold and monthly active streamers over tenfold. According to the firm, YouTube, which is owned by Google, is its major competition right now.
Salone Sehgal, Lumikai’s general partner has been reported to say that over two-thirds of India’s millennials are gamers. He added that over the next three years, India’s e-sports and streaming business is expected to develop at a 36 percent annual rate, while game streaming watch time in India is currently twice the world average.
Cheap data and inexpensive phones produced a perfect condition in India, generating an entirely new genre of entertainment
Loco’s roster includes some of the country’s most well-known streamers, who play games like Clash of Clans, FreeFire, and Call of Duty Mobile. It also hosts prominent e-sports teams and competitions, despite the fact that the genre is still relatively unknown in India.