Indian Gaming Startup Loco Secures $42 Million Fund

As a gaming mania sweeps the country of almost 1.4 billion people, Indian gaming startup Loco has secured $42 million headed by Hashed, a South Korean early-stage business company.

The live-streamed games company said in an announcement on Thursday that new investors such as Makers Fund, outsourcing billionaire Narayana Murthy’s Catamaran Ventures, and Korea Investment Partners, as well as existing investors like Krafton Inc., Lumikai Ltd., and Hiro Capital, participated in the Series A round.

As per two sources acquainted with the deal who did not like to be identified, the financial infusion will boost the two-year-old startup’s valuation to around $200 million. The business’s real name is Loco Interactive Pte.

According to Loco, the cash will be used to accelerate streaming technology, content production, and the development of the gamer and creative ecosystem.

In India, live-streamed games are still relatively new, unlike in the United States, South Korea, and Japan, where they are a popular source of entertainment. Mobile devices are used by Indian consumers to play games and watch live streams, whereas console and PC gaming is popular in established gaming markets.

“India presently has 400 million gamers” declared Anirudh Pandita, co-founder of Loco, in a Zoom interview. “Younger Indians are spending a lot more time online, and gaming is blurring the borders between city and country life”. According to Pandita, Loco’s daily user counts have climbed by over 15 times since January of last year, while “live watch hours,” the amount of time players spend watching live-streamed games, has increased by around 80 times.

“India is one of the most exciting gaming markets,” Ethan Kim, co-founder, and partner at Hashed explained, and 40% of its gaming population falls into the 10-30 year age range, which is the cornerstone of gaming and esports communities throughout the world.