Indian Game Streaming Platform Loco Sells Majority Stake to Redwood
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Indian Game Streaming Platform Loco Sells Majority Stake to Redwood
Indian Game Streaming Platform Loco Sells Majority Stake to Redwood
UAE-based Redwood has acquired a majority stake in the game streaming platform Loco as the Indian firm looks to expand focus to international markets. This investment deal, worth $65 million, also gives a full exit to all existing Loco backers.
About the Acquisition
Redwood, a newly formed investment firm, has partnered with Loco to fuel its global expansion efforts. The platform now sees a larger opportunity outside of India and aims to build a Twitch-like platform that serves markets where either the Amazon-owned service hasn’t expanded to or has weak penetration.
About Loco
Loco is a game streaming platform that streams titles such as Grand Theft Auto V, Call of Duty: Infinite Warfare, Battlegrounds Mobile India, Free Fire, and Valorant. Streamers on the platform earn revenue through virtual goods purchased by viewers. The startup struck licensing deals with several game publishers, including Krafton, Activision, and Riot, based on a “first-mover advantage.”
Founder’s Statement
Loco founders Anirudh Pandita and Ashwin Suresh stated, “This investment is a recognition of the immense work done by our team in the past few years. 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.”
Future Plans
With this investment, Loco aims to expand its presence globally and build a community of gamers and streamers. The platform plans to leverage its existing partnerships and licensing deals to achieve its goals.
About Redwood
Redwood is a UAE-based investment firm that has acquired a majority stake in Loco. The firm has shown its commitment to supporting Indian startups and their global expansion efforts.
The deal follows the sale of Loco’s sister property Pocket Aces, which sold a majority stake in a $40 million deal to Indian music label giant Saregama earlier this year.
