Loco, a video game streaming platform obtained $9 million in a funding round headed by Krafton that distributes PUBG in India and gaming media fund Lumikai. As per Bloomberg’s report, Hiro Capital, Axilor Ventures and 3one4 Capital also took part in financing round.
This is the first investment by a South Korean gaming firm Krafton in India. According to reports, the Mumbai based gaming platforms Loco will develop as a separate entity. Pocket Aces is the parent company of Loco. It is reported that Loco will utilize the funds obtained to improve the streaming technology and content. Loco Interactive Pte Ltd was founded by Ashwin Suresh and Anirudh Pandita.
According to Bloomberg report, in the previous year during the time of strict lockdown, the company’s monthly active users has surged up by six time while the monthly active streamers increased around 10 times. The news website quoted Pandita, “Cheap data and inexpensive phones brewed a perfect situation in India, creating completely new category of entertainment.”
He further expressed that around 100 million monthly active users in India is engaged with these games. “Imagine a 100 million people playing a sport that no one is watching, that’s what Loco set out to solve for.” he added.
