- The significant stake also paves an exit path to existing investors
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UAE-based investment firm Redwood has acquired a majority stake in Indian games streaming service Loco for $65 million.
As reported by TechCrunch, streaming start-up is looking to expand into global markets following the deal.
Loco is reportedly targetting growth in regions where the Amazon-owned Twitch isn’t available or has yet to gain significant market share. The firm is focusing on building a Twitch-like platform aimed at markets with limited Amazon Twitch presence.
Building authentic connections
“This investment is a recognition of the immense work done by our team in the past few years,” said Loco founders Anirudh Pandita and Ashwin Suresh in a joint statement.
“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. Live streaming enables authentic connection in a way that other mediums can’t match, and we want to put the fan at the centre of this experience.”
Backed by investors like Catamaran Ventures, Krafton, and Hashed, Loco’s Indian platform currently streams games such as GTA V, Call of Duty, Battlegrounds Mobile India, Free Fire, and Valorant.