Game Streaming Platform Loco Raises $65 Million From Redwood Tech FZCO
Loco has built communities across various game categories, such as BGMI, Free Fire, Call of Duty Mobile, Clash of Clans, Grand Theft Auto, and Valorant.
Image for representation (Source: Freepik)
Digital game streaming platform Loco has raised $65 million, about Rs 540 crore, from UAE-based investment firm Redwood Tech FZCO, which it plans to utilise mainly for global expansion, a top company official said on Friday.
Loco claims to be a pioneer in live game streaming and esports sector in India. It has built communities across various game categories, such as BGMI, Free Fire, Call of Duty Mobile, Clash of Clans, Grand Theft Auto, and Valorant.
"We have raised $65 million from Redwood Tech FZCO. We will use the fund in expansion to 5-6 countries and hiring people," Loco Founder Anirudh Pandita told PTI.
Pandita is also a founder and board member of digital media entertainment platform Pocket Aces which is now majorly owned by music company Saregama.
The investment from Redwood will provide exit to existing investors.
"This investment will enable Loco to leverage its strong technology, and community-focused platform, to enter multiple new markets within the next 12 months. We will hire local teams in every market," Pandita said.
"All the products and technology will be built in India. We will start with a content and marketing team. Thereafter, we will hire local technology talent to customise our platform to meet local needs," Pandita further shared.
Loco had earlier raised over $50 million from global and Indian investors such as Sequoia Capital, Krafton, Makers Fund, Korea Investment Partners, 3one4 Capital, Catamaran, and Lumikai.
