Game streaming platform Loco on Thursday announced that it has secured a Rs 330 crore ($42 million) investment led by Hashed, with participation from Makers Fund, Catamaran Ventures and Korea Investment Partners.
The platform said that the new investment will cement Loco's current leadership position in game streaming and further accelerate the company's streaming technology and content initiatives. With its new fundraise, Loco will continue investing in the development of the Indian gaming ecosystem and nurturing the Indian gaming community.
"We started Loco with a mission to democratise gaming and this investment will help us make significant progress towards our end goal," Anirudh Pandita and Ashwin Suresh, Founders of Loco, said in a statement.
"Today, we are the platform where gamers go from being newbies to becoming gaming superstars. We are the campfire for the gaming community -- from beginners to the best, they are all here on Loco," they added.
Loco has built a direct API integration with Krafton, enabling the two companies to reimagine play and watch journeys for fans. The company is also in the process of building in-game integrations with other international partners. In addition to these partnerships, Loco has teamed up with global giants like the NBA, Logitech, and Red Bull to run India-focused esports programs.
The 'Made in India' platform has built highly engaged communities across various games including BGMI, Call of Duty Mobile, Clash of Clans, Grand Theft Auto (GTA), and Valorant, the company said in a statement.
Loco said it has grown rapidly over the last year, with daily active viewers scaling by 15x, monthly active viewers scaling by 8x, monthly active streamers scaling by 5x, and live watch hours scaling by 78x since Jan 2021.
The company believes that gaming will define the customer entertainment experience over the next decade. Powered by 5G, gaming will make entertainment more immersive, providing users with immensely enjoyable social experiences in virtual worlds. Loco said it wants to build the social experience platform for the virtual world, serving the 700 million+ Indians who will experience these virtual worlds in the coming years.