BENGALURU: Game streaming platform Loco on Thursday raised Rs 330 crore ($42 million) in Series A round led by Hashed, with participation from Makers Fund, Catamaran Ventures and Korea Investment Partners.
This is said to be one of the largest Series A funding rounds. This funding will accelerate the company’s streaming technology and content initiatives. Loco said it will also continue investing in the development of the Indian gaming ecosystem.
A report by BCG-Sequoia said the Indian gaming industry has seen over 40% growth in 2019-20 and about 86% of the market consists of mobile phone users. The industry is generating about $1.5 billion revenue and it is expected to triple by 2025. Loco is home to the country’s popular streamers such as Sc0ut, Mavi, Godlike’s Jonathan, Villager Esports, 8Bit-Thug, Ghatak and Kaztro Gaming, among others.
Anirudh Pandita and Ashwin Suresh, Founders of Loco, said “Loco is turbocharging the modern fan experience, enabling users to interact with streamers. We are actively transforming the entertainment experience for Indian users.”