India-based esports and game streaming platform Loco has raised $42 million following a Series A funding round.

Led by blockchain firm Hashed, the round featured participation from Krafton, Makers Fund, Catamaran Ventures, Lumikai, Hiro Capital, and Korea Investment Partners.

Krafton previously invested in the firm in June 2021 and led the firm’s seed round which raised $9 million, alongside return investors Lumikai and Hiro Capital. The recent round brings the firm's total investments to date to $51 million.

Loco has stated that it will use the funds raised to further accelerate its streaming technology and content initiatives.

Transforming entertainment

The platform has attracted popular Indian content creators and has built engaged communities around multiple games, including Battlegrounds Mobile India, Call of Duty: Mobile, Clash of Clans, and more.

"Loco is actively transforming the entertainment experience for Indian users and we are excited about the new investors joining us in building the future of entertainment," said Loco co-founder Anirudh Pandita and Ashwin Suresh.

Hashed co-founder and partner Ethan Kim commented: "We believe this new investment round will enable Loco to solidify its dominant position in game streaming and eventually provide the Indian gaming community with cutting-edge Web3 products and services."

Earlier this week, ESL Gaming announced a partnership with Qualcomm to host multi-genre mobile esports tournaments worldwide, starting with the Snapdragon Pro Series