Indian Streaming Platform Loco Raises $9m in Seed Round
Loco, an Indian live-streaming platform focused on games, has raised $9 million in a seed round of funding.
The portal, which debuted in early 2020, seeks to be India’s Twitch-like home for gaming live streams.
Anirudh and Ashwin Suresh, co-founders of the digital entertainment firm Pocket Aces, founded it. According to GamesBeat, the two will now operate Loco, with fellow co-founder Aditi Shrivastava continuing to handle Pocket Aces.
Krafton, the South Korean games company behind PlayerUnknown’s Battlegrounds, and Lumikai, India’s first gaming, and interactive media fund, lead the investment round.
Hiro Capital, Hashed, Axilor Ventures, North Base Media, and 3one4 Capital were among the other investors.
The cash will use to speed up the development of the Loco platform and app, as well as to invest in bringing more streamers and unique content to the site, such as tournaments, fiction, and non-fiction videos. While exact user numbers were not provided, Loco maintains that the number of users has increased dramatically in the last year, owing in part to the lockdown limitations implemented to prevent the spread of coronavirus.
Since June 2020, the number of monthly active streamers has increased tenfold, monthly active viewers have increased six fold, and live watch hours have increased 48fold.