Game streaming platform Loco has raised $42 million in its Series A funding round. With the investment, Loco is looking to provide Web3 services to its gaming community.
Building the “Twitch for India”
To investors, Loco has described its future identity as the “Twitch for India.” With this vision, the Esports streaming service has successfully drawn several big investors. These include Catamaran Ventures, Korea Investment Partners, Makers Fund, and Hashed. Also joining the group are returning investors Krafton, Lumikai, and Hiro Capital.
Loco raises the interest in game streaming in India
The platform’s most active users are those between the ages of 10 and 30. With 40% of the Indian population belonging to this group, Loco is in a favorable position.
Furthermore, the Esports streaming media has already had over 10m downloads in Google Play Store. Across India, interest in Esports has also continued to expand. EY India predicts this user base will rise to 85m by 2025. With the new funding, Loco is preparing itself to serve this growing gaming market.
To date, the platform has already attracted famous Indian streamers. It is also home to communities, with a huge interest in mobile games. Clash of Clans, as well as Call of Duty: Mobile, are among the crowd favorites.
The game’s co-founders Ashwin Suresh and Anirudh Pandita say they’re pushing for output. They aim to give streamers more mobile and desktop streaming features. They’re also hiring more engineers to give viewers a better experience.
All things considered, the duo says they’re excited about “building the future of entertainment.”
With the new $42m funding, Loco will be supporting more Web3 gaming content and services. The streaming platform may soon be the hub for play-to-earn metaverse games in India.