Game streaming platform Loco has raised $42 million led by South Korea’s early-stage venture fund, Hashed. The Series A investment round saw the participation from new investors such as Makers Fund, outsourcing billionaire Narayana Murthy’s Catamaran Ventures, and Korea Investment Partners as well as existing investors including Krafton Inc., Lumikai Ltd. and Hiro Capital. The new investment will support acceleration in streaming technologies, content creation and developing the gamer and creator ecosystem, Loco said in its release.
Founded by Anirudh Pandita and Ashwin Suresh, Loco has been a pioneer in the game livestreaming and esports sector in India, paving the way for gaming to go from a niche hobby to a mainstream national interest.
Loco has built highly engaged communities across various games including FreeFire, Call of Duty Mobile, Clash of Clans, Grand Theft Auto (GTA), and Valorant. The platform houses India’s top esports teams like TSM, IND, and 8-bit/Soul and has hosted the country’s largest tournaments in partnership with global publishers like Activision, Ubisoft, and Riot Games.
“Loco is the leader in game streaming in India and has the country’s most engaged community of gamers on its platform,” said Ethan Kim, cofounder and Partner at Hashed, in a statement.
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It has amassed 5.3 million monthly active users, 450,000 of whom use the service each day, About 45,000 gamers stream on Loco, Techcrunch reported quoting sources.
Loco had raised $9 million in seed funding in June last year which it used towards improving the streaming technology and provide more interactive features for both viewers and streamers to interact and create better content. The company now intends to scale up and invest in further enhancing product features on the platform.
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