MUMBAI: Homegrown game streaming platform Loco Monday announced that it has secured $9 million for its first round of fundraising as an independent company.
The seed round was led by South Korean gaming firm, Krafton, creators of the wildly popular PUBG, as well as Lumikai, India’s first gaming and interactive media fund. The round also saw participation by Hashed, Hiro Capital, North Base Media, Axilor Ventures, and 3one4 Capital.
The new investment will fuel the platform’s innovation efforts across game streaming technology and gaming content, helping it cement its leadership position as the home of Indian gaming.
With this fund raise, Loco will be spun off into an independent entity from its parent company – digital entertainment company Pocket Aces.
Loco features an array of some of the most prominent faces in the Increators of the wildly popdian community, with Ghatak, Mavi, Scout, and Jonathan, to name a few.
The platform has expanded rapidly in the previous year. According to Bloomberg, its userbase grew more than six times while the active streamers increased 10 times. The business newswire adds that Loco plans to utilize the funds to improve technology and overall content.
Anirudh Pandita and Ashwin Suresh, co-founders Pocket Aces, will lead Loco going forward, while co-founder Aditi Shrivastava will continue to lead Pocket Aces.
Pandita and Suresh said: “With this investment, we have been joined on our mission by the pioneers of the global gaming industry. This will enable us to create value for users in ways that no other game streaming platform in India can.”
Sean Hyunil Sohn, head, Corporate Development at KRAFTON, said “Loco is best placed in India to provide a world class game streaming platform. Krafton plans to keep investing heavily not just in gaming, but also tech, media, and other related areas to support and participate in the growth of these sectors in India.”
Salone Sehgal, General Partner of Lumikai, said: “Anirudh and Ashwin are second-time founders with a proven track record; their combined might and experience in media, content and gaming make them primed to own the space.”
