The video game streaming start-up company Loco announced it secured $42 million during a recent investment round. To date, the organization has secured a valuation of $145 million according to TechCrunch‘s sources. This money will be used by the company to help build “Twitch for India.”
This Series A funding round was led by the blockchain firm Hashed. Additional investments came from Krafton, Lumikai, Hiro Capital, Makers Fund, Korea Investment Partners, and Catamaran Ventures.
“Loco is the leader in game streaming in India and has the country’s most engaged community of gamers on its platform,” said Ethan Kim, a co-founder of Hashed, in a statement. “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 streaming and eventually provide the Indian gaming community with cutting-edge web3 products and services.”
Loco has had immense success since the company was acquired by Pocket Aces in 2018. The business has amassed 5.3 million monthly active users. According to sources, the service records almost 450,000 users daily with over 45,000 streamers on the app.
The Profit‘s Take:
Twitch for India makes sense given the size of the gaming population there. I’m just left wondering why isn’t Twitch trying to be the Twitch of India?
(All information was provided by Gamesindustry.biz and TechCrunch)