Indian gaming startup EsportsXO raises USD 1.1 million in Seed round

EsportsXO, an Indian esports company that offers tournament management, creator management and content, raised USD 1.1 million in a Seed funding round led by We Founder Circle on 27 December 2021.

Investors:  A founder-driven angel network, We Founder Circle led the latest funding round with participation from SOSV,  SucSEED, Eximius Ventures, Wami Capital, Mumbai Angels Network, The Gaming Lounge and Faad Network Pvt. Ltd.

The Objectives behind the funding: The company plans to deploy the current proceeds to invest 40 per cent of the funds into tech and non-tech employees, while the rest will be used for marketing and operations.

About EsportsXO

Founded in 2020 by Vikas Goyal, Utsav Umang and Rohit Raj, EsportsXO is an esports tournament management company that provides software to manage tournaments online. The company started with an idea to build the biggest community of console, PC and mobile gamers worldwide, who can come together under a single roof. The platform has already registered more than 150K users in just 90 days and is witnessing a 20 per cent month-on-month growth. XO organised more than 250+ tournaments in 8 popular games, with over 2 million people participating last year.

What the Founder has to say:

“Esports in India is at the same stage where e-Commerce was 15 years ago; there are a lot of opportunities for everyone. The market in India and the rest of the APAC region is very huge, which gives us enough room for creativity and growth”, said Mr. Vikas Goel, Co-Founder, EsportsXO.

What the Investors have to say:

On the investment, Bhawna Bhatnagar, Co-Founder, We Founder Circle, said, “SAAS industry has been witnessing tremendous growth in India, given the availability of the quality resources, professionals, and a wide user base. EsportsXO has cut a considerable slice in the market in a very short span of time. Given the unique approach, the brand is sure to resonate with the audience, expand its footprint and join the top- leagues soon.”

On the Investment, Chetan Mehta, CEO of Wami Capital, said, “Esports is today one of the fastest-growing segments in the overall global media space. With India’s young demographic profile, access to smartphones and affordable internet, the Indian esports space is going to explode and can become a $10bn market in the coming years. We are confident that the EsportsXO team, with their market positioning and platform approach, can add a lot of value to game publishers, players, brands and various other stakeholders, not only in India but also globally.”

Vineeta Gupta, VP-Investments, SucSEED Indovation Fund, said, “India is on its path of becoming one of the world’s leading markets in the Esports segment and will also emerge as one of the top 5 markets globally in the gaming industry. We like that EsportsXO is capitalising on this opportunity and will soon emerge as a dominant player.”

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