Loco raises $9 million in seed funding from PUBG Creator KRAFTON and Lumikai
Loco will separate from its parent company Pocket Aces.
Loco, a gaming streaming platform, has received $9 million in a seed round led by Krafton, India's PUBG distributor, and Lumikai, a gaming media company. Additional investors included Hiro Capital, Axilor Ventures, 3one4 Capital, and others.
The funds will be used to improve the company's technology and game content. Loco will become a separate business from its parent, Pocket Aces, as a result of this financing.
Loco hosts major esports teams and competitions around famous titles like Clash of Clans, Free Fire, and Call of Duty Mobile.
Anirudh Pandita and Ashwin Suresh, Founders of Loco, said “Loco is at the forefront of the game streaming revolution in India. Our platform empowers novice gamers to become household names and has built the foundation for the rise of a new creator economy 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. This will enable us to create value for users in ways that no other game streaming platform in India can.”
Loco has expanded rapidly in the past year, with monthly active users growing six times and monthly active streamers increasing 10 times. According to the firm, YouTube, which is owned by Google, is its biggest rival at the moment.
Sean Hyunil Sohn, Head of Corporate Development at KRAFTON, added “At KRAFTON, we believe gamers appetite is only increasing in consuming live video game content and Loco is best placed in India to provide a world class game streaming platform and it has built a passionate community around itself.” He added, “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.”
This is Krafton's second investment in India. NODWIN Gaming, an esports company, raised INR 164 crore earlier in March who are currently holding Valorant Conquerors Championship in partnership with Riot Games.