Mumbai-based startup Loco has raised $42 million in a Series A funding round that will be used to build a new game streaming service. The round was led by blockchain firm hashed, with participation from Bluehole, Lumikai, and Hiro Capital, as well as Makers Fund, Korea Investment Partners, and Catamaran Ventures.
Loco is a game streaming platform founded in 2018 by Anirudh Pandit and Ashwin Suresh. The company is pitched to investors as “Twitch for India.” The company will use the funds to accelerate technology and content development.
The platform currently has around 5.3 million monthly active users, with 450,000 of them logging in every day. Pandita, one of the founders, said that Loco is actively changing the entertainment experience for users in India and is delighted to have new investors joining the company to jointly shape the future of entertainment.
The company raised $9 million in a seed round last June, led by PUBG developer Bluehole. In this funding round, Loco spun off from its parent company, Pocket Aces, which was also founded by Pandita and Suresh.