Krafton Invests in Loco, a Streaming Platform in India
Gaming company Krafton has made its second investment in India by funding the streaming platform, Loco. This follows their previous investment in Indian esports company Nodwin Gaming in March of this year.
Loco Raises $9 Million in Seed Round Led by PUBG Makers
Loco recently secured $9 million in a seed funding round led by the makers of popular game PUBG and media fund Lumikai. According to a report by The Economic Times, Loco, previously owned by digital media company Pocket Aces, will now function as a separate entity. The founders of Pocket Aces, Anirudh Pandita and Ashwin Suresh, will lead the company.
Growing Opportunities in the Indian Streaming Market
Pandita expressed Loco’s enthusiasm for investing in the Indian streaming market, seeing it as a long-term opportunity. The report revealed that Loco has experienced a six-fold increase in monthly active viewers and a ten-fold increase in streamers in the past year. Additionally, the platform’s live watch hours have increased by 48 times during the same period.
Krafton’s Focus on the Indian Market
Krafton has shown a strong interest in the Indian market. In 2020, the South Korean company committed $100 million to the development and growth of related industries in India. The company also announced plans to establish an office in the country, creating at least 100 job opportunities. This move followed the ban of PUBG Mobile in India due to data privacy concerns. Krafton has taken over publishing responsibilities for PUBG Mobile and recently launched an Indian version called Battlegrounds Mobile India (BGMI) in early access.
Krafton’s Investments Leading up to IPO
Krafton is making significant investments ahead of its upcoming initial public offering (IPO), which could potentially raise up to $5 billion. This IPO is expected to be the largest in South Korea’s history, according to Bloomberg. The company previously acquired game development company Dreamotion and invested approximately $22 million in Indian esports company Nodwin Gaming.