Mumbai-based Indian gaming platform Loco raised USD 42 million in the Series A round of funding on March 9, 2022. The gaming startup secured investment from Hashed, a Silicon Valley-based early-stage venture capital. The Series A round also saw Makers Fund, Catamaran Ventures, and Korea Investment Partners participation.
Besides, Krafton Lumikai and Hiro Capital invested in the startup.
Loco’s Purpose for Funding
The Mumbai-based startup will use the funds for strengthening technological aspects and content creation.
The fresh capital will also help develop an ecosystem for gamers and creators. Loco will seek to work more closely with the streamers and creators. It will also work with organisations that are trying to build IP around gaming tournaments and creating new content.
What the founders of Loco have to say
“We started Loco with a mission to democratise gaming, and this investment will help us make significant progress towards our end goal. Today, we are the platform where gamers go from being newbies to becoming gaming superstars. We are the campfire for the gaming community. From beginners to the best, they are all here on Loco,” said Anirudh Pandita and Ashwin Suresh, founders of Loco.
Anirudh further added, “Loco is turbocharging the modern fan experience, enabling users to interact with streamers in ways they could not have done before. We are enabling gamers to find their gaming clan – supporting streamers they love, in a community where they truly belong. Loco is actively transforming the entertainment experience for Indian users, and we are excited about the new investors joining us in building the future of entertainment.”
What the investor has to say-
“Loco is the leader in game streaming in India and has the country’s most engaged community of gamers on its platform. Users between the ages of 10 and 30 form the bedrock of gaming and esports communities worldwide, and India is one of the most interesting global gaming markets, with 40% of its population belonging to this cohort. We believe this new investment round will enable Loco to solidify its dominant position in-game streaming and eventually provide the Indian gaming community with cutting edge Web3 products and services,” said Ethan Kim, co-founder and Partner, Hashed.
About Loco
Anirudh Pandita and Ashwin Suresh founded Loco in 2017. The platform allows its users to stream their live gameplay to their fans. The Indian gaming platform is home to India’s most popular streamers such as Mavi, Godlike’s Jonathan, and Ankkita.
Over the last year, Loco’s performance has been impeccable. Its daily active users scaled by 15 times, monthly active users by eight times, monthly active streamers by five times. The platform’s live watch hours went up by 78 times since January 2021.
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