Indian esports and gaming streaming platform Loco has raised approximately $42m (INR 330 Crores) as part of its Series A financing round.
According to the streaming platform, Hashed, KRAFTON, Makers Fund, Korea Investment Partners and Hiro Capital are some of the investors featured in the latest funding round.
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In an announcement on LinkedIn, Loco claimed that the investment round will help scale the platform’s technology efforts across streaming and Web3.
The Series A round follows on from Loco’s earlier $9m (~£6.9m) raise in June last year. The likes of KRAFTON, Lumikai, Hashed and Hiro Capital are all return investors from the original financing round.
Hashed, which led the Series A funding round, is an early-stage venture fund that has invested in entities across the blockchain and cryptocurrency space. This includes investing in NFT-based title Axie Infinity.
South Korean holding company KRAFTON is largely known for PUBG Mobile and PUBG, through its subsidiary PUBG Studios.
Alongside securing investments to bolster its platform, Loco has also secured a range of partnerships with brands including the NFL, Logitech and Velocity Gaming as it broadens its esports offering.
RELATED: Velocity Gaming unveils partnership with LOCO
Anirudh Pandita, Founder of Loco, told Indian news outlet Economic Times: “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.”
Esports Insider says: This is a significant investment round for the Indian streaming platform. Perhaps more interesting, however, than the amount raised, is Loco’s ambition to scale its Web3 efforts. Only time will tell how the platform plans to do this, yet the funding round should at least bolster Loco’s position within the streaming space.