Loco raises $42 million in Series A round led by Hashed
We are pleased to announce that India's largest homegrown games-streaming platform Loco has raised $42 million in a Series A round led by South Korean fund Hashed. Lumikai also participated in the round alongside Makers Fund, Catamaran Ventures, Krafton, Korea Investment Partners, and Hiro Capital.
-Lumikai had co-led Loco's $9 million seed round in June 2020. The company has since scaled rapidly, with a 15x jump in Daily Active Users (DAU), an 8x jump in Monthly Active Users (MAU), and a 78x jump in live watch hours -- to become India's largest homegrown games-streaming platform. Loco has also tied up with brands such as NBA, Red Bull, and Logitech to run India-focused esports events. The platform is home to some of India's biggest streamers such as Scout, Mavi, Jonathan, and Ankkita.
The recent fundraise will allow the company to work more closely with streamers to strengthen the content side of the business, as well as with organizations looking to build strong IP around gaming tournaments. By emerging as the leader in games streaming in India, Loco also intends to provide its users with cutting-edge web3 technology.
Indian game streaming has become a phenomenon over the last 18 months, surfacing a new generation of born-on-mobile national superstars and a compelling way for fans to connect with the streamers they love. We are very proud to be early backers of Loco, and are excited to see where this rocketship heads!