Indian gaming platform Loco sells majority stake to UAE-based Redwood

Apart from global expansion of the platform, the $65 million investment also allows for all existing Loco investors to exit the gaming startup

by e4m Desk
Published: Sep 27, 2024 5:00 PM | 1 min read

Indian gaming platform Loco has reportedly sold its majority stake to UAE-based investment firm Redwood for $65 million to foray into overseas markets.

The investment also allows for all existing Loco investors to exit the gaming startup.

Reports say that the transaction is a mix of primary and secondary investments, paving way for the company to enter new markets in the next year. As part of the investment, Loco will announce new partnerships with gaming companies, gamers and streamers.

Loco, initially valued at $150 million in 2022, saw a drop in valuation, reflecting a general struggle among Indian gaming firms to generate revenue.

Loco’s sister concern Pocket Aces recently sold its majority stake to music company Saregama for $40 million earlier this year.

Loco has been a prominent name in the live game streaming and esports sector in India. The platform houses India’s top esports teams like Godlike, XO, Revenant Esports, 8bit, Global Esports, 7Sea esports, Skylightz Gaming, Hyderabad Hydras, OrangutanGaming and has hosted the country’s largest tournaments in partnership with global publishers like Krafton, Activision, Ubisoft, and Riot Games. Founders Anirudh Pandita and Ashwin Suresh, Founders of Loco, once said that Loco was started with a mission to "democratise gaming."