Mumbai based video game streaming platform Loco on Monday announced that it has secured 9 million USD in a funding round led by Krafton, a South Korean gaming company and Lumikai, an Indian gaming and interactive media fund. The round also saw participation by Hashed, Hiro Capital, North Base Media, Axilor Ventures, and 3one4 Capital.
Loco will be spun off into an independent entity
With this funding, Loco will become a separate entity and will be led by Anirudh Pandita and Ashwin Suresh whereas Pocket Aces, the parent company will be led by Aditi Shrivastava. The company said in a statement that it will use the funds to fuel the platform’s innovation efforts across game streaming technology and gaming content.
“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 Anirudh Pandita and Ashwin Suresh, Founders of Loco.
Loco has seen a rapid growth over the past 12 months, with monthly active viewers growing 6 times, monthly active streamers scaling by 10 times, and live watch hours scaling by 48 times since June 2020. Today, highly active users spend approximately an hour daily on Loco, making it the gaming community’s platform of choice for a seamless streaming and viewing experience.
It has also hosted a variety of tournaments in partnership with global publishers like Ubisoft, Activision and Riot Games. It is also working on building in-game integrations with international partners. In addition to these partnerships, It has teamed up with global giants such as NBA, Logitech, and Red Bull to run India-focussed esports programs.