Rooter raises $25 mn in Series A round led by Lightbox, March Gaming, others

FPJ Web DeskUpdated: Wednesday, January 12, 2022, 06:32 PM IST
article-image
Team Rooter: (l-r) Co-Founder Dipesh Agarwal, Founder and CEO Piyush Kumar | Rooter

Rooter, game streaming and e-sports platform, today announced it has raised $25 million (Rs 185 crore) in a Series A funding round led by Lightbox, March Gaming, and Duane Park Ventures. 9Unicorns, ADvantage, Capital-A, and Goal Ventures also participated in the round along with existing investors, including IeAD Sports & Health Tech Partners.

Founded by Piyush Kumar and Dipesh Agarwal, Rooter claims it has 8.5 million monthly active users and over 30 million downloads, making it the No.1 app in the ‘Sports’ category on Google Playstore since October 2020.. The company is aiming to emerge as the dominant player in India’s creator economy by building a base of the next 500,000 professional game streamers through its gaming and e-sports platform.

According to a report issued by RedSeer and Lumikai, India is expected to be home to 700 million gamers by 2025.

“Rooter has been growing at a blistering pace over the last 18 months in tandem with the ballooning mobile gaming market in India, and this fresh infusion of funds by such marquee domestic and international investors only validates our work,” said Piyush, Founder, and CEO of Rooter. “Our community of streamers has been witnessing amazing engagement on our platform, which has allowed us to increase our revenues in the last six months. Dipesh and I look forward to working with our supporters to make Rooter the largest gaming company in the country within the next two years.”

Sid Talwar, Partner at Lightbox said “Gaming is the future of social media for the next generation. 92 percent of Gen Z and millennials play games.”

“Rooter’s differentiated streaming platform and unique value proposition to users have put it at the forefront of the gaming industry in India,” said Gregory Milken, Managing Partner at March Gaming. “The availability of cheap, fast, and reliable mobile data in India has resulted in a massive explosion of streaming services and digital content, and we believe Rooter is best-positioned to capture this expanding market as the clear platform of choice for game streaming. We are thrilled to make our first investment in India."

Salil Bhargava, Director at Duane Park said, “We have closely followed the gaming business in India for several years. We believe the game streaming business in India will see explosive growth.”

Through this funding round, the company also facilitated the secondary sale for a few of its shareholders and an exit route for a few employees through ESOP buyback. Rooter is looking to almost double its team size by hiring across divisions to add to its 55-member team based in New Delhi.

(If you have a story in and around Mumbai, you have our ears, be a citizen journalist and send us your story here. )

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Paytm buys back 2,22,000 shares for Rs 558.95 each

Paytm buys back 2,22,000 shares for Rs 558.95 each

Indians bought Dubai properties worth ₹35,500 cr in 2022

Indians bought Dubai properties worth ₹35,500 cr in 2022

India Energy Week 2023: PM Modi unveils India's biggest helicopter manufacturing facility in...

India Energy Week 2023: PM Modi unveils India's biggest helicopter manufacturing facility in...

Adani vs Hindenburg: Indian-American NYU professor calls firm overvalued, won't buy its shares

Adani vs Hindenburg: Indian-American NYU professor calls firm overvalued, won't buy its shares

Grasim Industries Limited inducts Ms. Ananya Birla, Mr. Aryaman Vikram Birla as Directors

Grasim Industries Limited inducts Ms. Ananya Birla, Mr. Aryaman Vikram Birla as Directors