Popular Video Gaming streaming platform Loco has raised $42 million in seed funding round from crypto major Hashed, with participation from Makers Fund, Catamaran Ventures and Korean Investment Partners. In this round Krafton, Lumikai and Hiro Capital also participated.
The company will use this funds to work closely with content creators and streamers, as well as up-and-coming organizations that are trying to build IP and create new content around gaming tournaments.
“We will invest in strengthening the content side, as well as in technology development around areas like Web 3.0 and blockchain,” said, Loco founder Ashwin Suresh.
The company is also in the process of building in-game integrations with other international partners. In addition to all these partnerships, Loco has collaborated with global brands such as the NBA, Logitech and Red Bull to drive an India-focused esports program.
“Loco is the leader in game streaming in India and has the country’s most engaged community of gamers on its platform. Users between the ages of 10 and 30 form the bedrock of gaming and esports communities worldwide and India is one of the most interesting global gaming markets,with 40% of its population belonging to this cohort. We believe this new investment round will enable Loco to solidify its dominant position in game strear and eventually provide the Indian gaming community with cutting edge Web3 products and services,” said Ethan Kim, cofounder and Partner, Hashed.
Founded by Anirudh Pandita and Ashwin Suresh, this indigenous platform is home to some of India’s most popular streamers like Scout, Mavi, Jonathan, Regaltos, Blinks and female streamers like Payal gaming, Ankkita. Loco has grown rapidly over the past year, with 15x daily active viewership, 8x monthly active viewers, 5x monthly active streamers growth, and 78x increase in live viewing hours.
“We are enabling gamers to find their own gaming clan – supporting streamers they love, in a community where they truly belong. Loco is actively transforming the entertainment experience for Indian users and we are excited about the new investors joining us in building the future of entertainment,” said Anirudh Pandita, founder, Loco.
Loco had raised $9 million in seed funding in last year June 2021 from South Korean gaming major Krafton, Loco has built a direct API integration, enabling the two companies to reimagine play and watch journeys for viewers.