Loco, India’s top native gaming streaming network, has received a $9 million (approximately Rs 6,68,115,000) investment from Krafton, the Battlegrounds Mobile India creator. Lumikai, India’s first gaming and interactive media fund, also led the seed round. Hashed, Hiro Capital, North Base Media, Axilor Ventures, and 3one4 Capital all contributed to the seed round.
The new funding would bolster the streaming platform’s work in the areas of “game streaming technology and gaming content.” Loco will be spun off as a distinct corporation from its parent, Pocket Aces, following the fundraise. Pocket Aces is India’s largest digital entertainment provider, for those who are unfamiliar. Anirudh Pandita and Ashwin Suresh, co-founders of Pocket Aces, will lead Loco in the future, while Aditi Shrivastava will continue to oversee Pocket Aces.
Anuj Tandon, Krafton’s Head of Investments, tweeted, “Krafton’s second investment in India is to fund India’s own game streaming platform – Loco.” “It’s fantastic to be a lead investor in @anipandita & @ashwinsuresh’s Seed round as they build this rocket ship,” he said.
While Amazon’s Twitch popularized live game streaming in the United States, Loco became a pioneer in India’s live game streaming and esports business. GamingworldVerified, which is home to popular streamers Sc0ut, Jonathan, Mavi, Thug, Ghatak, Sumit, GTX Preet, Snax, Xyaa, has gained a following among gamers in the country by broadcasting popular titles such as Clash of Clans, Valorant, Free Fire, GTA, and others.
“In India, Loco is at the vanguard of the game streaming revolution. Our platform has laid the groundwork for India’s new creative economy by empowering newcomers to become household brands. We are only getting started on our objective to establish India as a worldwide gaming superpower, and we will work tirelessly to achieve our goal. With this investment, the pioneers of the worldwide gaming business have joined us on our goal. This will allow us to provide value to our users in ways that no other game streaming platform in India can,” says the company. Founders of Loco, Anirudh Pandita and Ashwin Suresh.
While an immediate result of the cash is improbable, Krafton’s past investment in Nodwin Gaming, an Indian esports firm, suggests the developer may stage an esports tournament, possibly for the forthcoming Battlegrounds Mobile India title.