India’s game streaming platform Loco has raised $42 million in a Series A funding round led by Hashed, a South Korean early-stage venture fund focusing on cryptocurrency and blockchain.
Catamaran Ventures, Makers Fund, Krafton, Korea Investment Partners, Lumikai, and Hiro Capital also invested in the financing round.
The startup, run by Ashwin Suresh and AnirudhPandita, who had previously co-founded PocketAres, a content platform, has raised about $51 million to date. Loco was acquired by PocketAres in 2018.
Loco has partnered with several game publishers, including Activision-Blizzard, PUBG Corporation, Riot Games, for licensing and securing what an investor described as “first-mover advantage.”
Loco has amassed over 5.3 million monthly active users, nearly 450,000 of whom use the service each day, said sources familiar with the matter. Sources also added that about 45,000 gamers stream actively on the app.
According to industry estimations, about 100 million users in India engage in battle royale games each month. In contrast, China has over 700 million battle royale gamers.
Loco features popular games like Call of Duty Mobile, Clash of Clans, and FreeFire, besides hosting top e-sports tournaments and teams. The game streaming platform houses e-sports teams like 7Sea e-sports, 8bit, Hyderabad Hydras, Global e-sports, Godlike, XO, Revenant esports, and Skylightz gaming.
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