Indian Streaming Startup LOCO Raised $9 Million USD Funding from BGMI Developers Krafton and other investors: Loco, an Indian gaming streaming platform, announced on Monday that it has raised $9 million in its first round of independent funding. Krafton, a South Korean gaming firm, and Lumikai, Indian gaming, and interactive media fund, led the seed round.
Krafton is going to keep backing & partnering with more entrepreneurs in India in Tech and Media along with interactive media. We are super excited about Loco’s growth plans. This is our first early stage deal in India (2/2) https://t.co/YjlT8vQTpB https://t.co/ph7Ibeji6z
— Anuj Tandon (@Anuj_Tandon) June 28, 2021
Loco was once a subsidiary of the parent firm Pocket Aces, but it will now stand alone. At the same time, Loco will be led by the founders of Pocket Aces, Anirud Pandita and Ashwin Suresh. According to them, the investments will offer resources for the platform’s development over the following ten years.
This is KRAFTON’s second significant investment in the Indian gaming business since the last year. PUBG’s developers previously invested almost $ 22 million in Nodwin Gaming, an esports firm. Overall, KRAFTON’s management has pledged to invest around $ 100 million in the country’s “growth and regeneration of gaming and allied businesses.”
KRAFTON (developers of BGMI) has been trying hard to boost its image in the Indian gaming business recently. After the government banned PUBG Mobile in the country in September 2020 over data privacy concerns, the firm began implementing these steps. Following that, KRAFTON launched an Early Access version of PUBG Mobile for India named Battlegrounds Mobile India. The firm also announced that it will distribute its games independently in India (rather than through Tencent) and that it will build an official representative office in the country in the future, creating roughly a hundred jobs. KRAFTON has also provided money to Indian charities fighting the coronavirus outbreak on several occasions.
Loco, which was founded by Anirudh Pandita and Ashwin Suresh, is a Mumbai-based streaming startup that hosts prominent esports teams and competitions as well as popular titles like Clash of Clans, FreeFire, and Call of Duty Mobile. Since June 2020, Loco claims to have increased monthly active viewers by six-fold, monthly active streams by ten-fold, and live watch hours by 48-times.