Loco, homegrown game streaming platform, today announced that it has secured $9 million for its first round of fundraising as an independent company. The seed round was led by South Korean gaming firm, Krafton, as well as Lumikai, India’s first gaming and interactive media fund. The round also saw participation by Hashed, Hiro Capital, North Base Media, Axilor Ventures, and 3one4 Capital.
The new investment will fuel the platform’s innovation efforts across game streaming technology and gaming content, helping it cement its leadership position as the home of Indian gaming.
With this fund raise, Loco will be spun off into an independent entity from its parent, Pocket Aces, digital entertainment company. Pocket Aces founders Anirudh Pandita and Ashwin Suresh will lead Loco going forward, while co-founder Aditi Shrivastava will continue to lead Pocket Aces.
Pandita and Suresh, Founders , said “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.”
Sean Hyunil Sohn, Head, Corporate Development at KRAFTON, said “Loco is best placed in India to provide a world class game streaming platform. 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.”
Around 67 percent of India’s millennials are gamers. The Indian esports and streaming industry is expected to grow at a 36 percent CAGR over the next three years, with game streaming watch time in India already 2x the global average.
Salone Sehgal, General Partner of Lumikai, said, “Anirudh and Ashwin are second-time founders with a proven track record; their combined might and experience in media, content and gaming make them primed to own the space.”