Loco, the India-based game streaming platform, announced its seed funding round of $9 Million on June 28, 2021. The round was headed by Krafton, a South Korean gaming firm and India’s first gaming and interactive media fund, Lumikai. The round also witnessed participation by Hashed, Hiro Capital, North Base Media, Axilor Ventures, and 3one4 Capital.
Purpose of Investment
Loco is currently under the process of constituting in-game integrations with global partners. In addition to these partnerships, it has coupled up with global giants like the NBA, Logitech, and Red Bull to run India-focused esports businesses.
The startup will utilise the new venture for its innovation-oriented efforts across game streaming technology and gaming content. Moreover, Loco will be whirled off into an autonomous entity from its parent, Pocket Aces, an Indian digital entertainment company. Founders of Pocket Aces Anirudh Pandita and Ashwin Suresh will head Loco from now on, while co-founder Aditi Shrivastava will lead Pocket Aces.
Startup’s Profile
Loco grants an interactive trivia game show that allows users to answer ten multiple-choice questions and win money in real-time. The game’s prize capital is Rs 10,000, and victors can get their prize straight into their Paytm account. The live quiz includes matters such as current affairs, technology, food, sports, religion, politics, music, movies and history, according to data prepared on its Google Play store page.
Loco mainly operates in the live game-streaming and esports area in India. The ‘Made in India’ policy is home to India’s leading steamers, such as Jonathan, Sc0ut, Sumit, HardCore Gamer, Mavi, Thug, Ghatak, Xyaa, GamingworldVerified, GTX Preet, Snax, PsychoVerified, Pooja Gaming, and me2Gaming.
What the Founders have to say
Founders of Loco, Anirudh Pandita and Ashwin Suresh, said, “Loco is at the vanguard of the game streaming revolution in India. Our platform enables amateur gamers to become household names and has built the grounds for creating a new creator market in India. We are just getting started to build the seat of Indian gaming, and we will strive relentlessly to present India as a global gaming superpower. With this venture, we have been joined on our mission by the pioneers of the global gaming enterprise. The investment will enable us to create value for users in ways that no other game streaming platform in India can,” Anirudh Pandita and Ashwin Suresh, Founders of Loco, said.
What the Investors have to say
According to Head of Corporate Development at KRAFTON, Sean Hyunil Sohn, “At KRAFTON, we perceive that gamers appetite is only rising in consuming live video game content, and Loco is the best placed in India to accommodate a world-class game streaming stage opportunity and it has built a passionate centre around itself”. He added, “Krafton intends to keep investing massively not just in gaming, but also tech, media, and other related sectors to encourage and participate in the extension of these sectors in India.”
Krafton’s Head of Investment, Anuj Tandon, tweeted. “It’s great to finance @anipandita & @ashwinsuresh as head investors in their Seed round as they strengthen this rocket ship,” he said.
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