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Deepti Sri · · 1 min readPUBG maker Krafton joins $9m round of YouTube’s game-streaming rival in India
“Loco, an Indian streaming platform for video games, received US$9 million from investors including South Korean gaming company Krafton in its first fundraising effort to capitalize on the growing popularity of games-based entertainment in the South Asian nation,” reported Bloomberg.
Details:
- Loco will use the fresh funds to develop its technology and content, the company said in a statement.
- The game-streaming platform will also be spun off from its parent firm Pocket Aces, a digital studio that creates streaming content, with Pocket Aces co-founder Aditi Shrivastava still heading the firm.
Context:
- Loco, which competes with YouTube, said it has seen the platform’s monthly active streamers increase 10x in the past year, along with a 6x rise in monthly active users.
- The move comes amid Krafton’s plans to raise US$5 billion through a public listing on the Korean stock exchange in July. It will soon announce the pricing of its shares as well, which are at an indicative range of US$410 to US$498 apiece.
Editing by Collin Furtado and September Grace Mahino
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