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Correction: An earlier version of this article stated that Krafton had invested $9 Million in Loco. This was incorrect, and hence has been rectified.
Krafton, the company behind Battlegrounds Mobile India and PUBG has invested in livestreaming startup Loco. According to a report by Bloomberg, the Indian livestreaming platform received $9 Million USD from investors to capitalize on the growing popularity of gaming-based entertainment in India. The Mumbai-based startup also received funding from Lumikai Ltd an Indian gaming media fund and other investment companies like Hashed, Hiro Capital, 3one4 Capital and Axilor Ventures. Loco will be using the funds to upgrade its technology and content according to its official announcement.
Loco seeks to cater to the Indian gaming audience
Loco co-founder Anirudh Pandita told Bloomberg “Cheap data and inexpensive phones brewed a perfect situation in India, creating a completely new category of entertainment. Over 100 million monthly active users in India engage with these games, imagine a 100 million people playing a sport that no one’s watching -- that’s what Loco set out to solve for.”
Loco Interactive Pte Ltd is a startup that is a part of Pocket Aces Pvt Ltd, which is a digital studio that creates streaming content as an alternative to traditional television entertainment. Loco has seen rapid growth in the past year with the platform’s monthly active users allegedly growing six times in the past year. The monthly active streamers on the platform have increased tenfold according to the investment announcement. Loco has a roster of streamers who play predominantly mobile esports titles like Free Fire, Call of Duty Mobile and Clash of Clans. It also hosts esports events on the platform.
The livestreaming platform will be looking to expand its presence in India with the investment from Krafton, a company that recently re-established itself in the mobile gaming market in India with the launch of Battlegrounds Mobile India.
Loco investor Lumikai’s general partner Salone Sehgal stated that “over two-thirds of India’s millennials are gamers” and that the Indian streaming industry is set to grow at an average annual rate of 36% over the course of the next three years. The game streaming watch time in India is twice the global average according to her.
