Written by Dante Uzel on 28 October 2024 22:29
UAE-based Redwood has acquired a majority stake in the Indian game streaming platform Loco for $65 million. This marks a valuation drop from Loco's peak of nearly $150 million in 2022, reflecting challenges in generating revenue within the Indian esports streaming sector.
Loco aims to leverage this investment for global expansion, with founders Anirudh Pandita and Ashwin Suresh stating, “This investment is a recognition of the immense work done by our team in the past few years. Gaming is an integral part of the cultural zeitgeist globally, and we look forward to building a platform that is at the heart of this global movement. Livestreaming enables authentic connection in a way that other mediums can’t match, and we want to put the fan at the center of this experience.”
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The acquisition follows the sale of Loco's sister company, Pocket Aces, which sold a majority stake to Indian music label Saregama earlier this year for $40 million. Loco, backed by investors like Catamaran Ventures, Krafton, and Hashed, aims to build a Twitch-like platform and target markets where Twitch has limited penetration. Currently, popular titles streamed on Loco in India include Grand Theft Auto V, Call of Duty: Infinite Warfare, Battlegrounds Mobile India, Free Fire, and Valorant.
Tags: Loco
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