Indian game streaming platform Loco said Redwood Tech, a UAE-based, technology-focused investment company has acquired a majority stake in the company for $65 million, providing exits to its existing investors.
The platform will now be expanding to international markets and announcing new partnerships with major gaming companies, esports athletes, and streamers.
The company has previously partnered with publishers like Krafton, Activision, Ubisoft, and Riot Games, as well as global giants like the NBA and FIFAe, and will look forward to extending these relationships to new markets.
Backed by investors including Catamaran Ventures, Lumikai, Krafton, and Hashed, Loco has raised $52 million in funding over two rounds, including a $41 million Series A funding round led by Hashed in 2022. According to media reports, Loco was last valued at $150 million.
In November, Loco laid off 36% of its employees, citing the firm’s restructuring strategy.
Loco’s platform features games such as BGMI, Free Fire, Call of Duty Mobile, Clash of Clans, Grand Theft Auto (GTA), and Valorant.
In 2018, Loco separated itself from its parent company Pocket Aces. Last month, Pocket Aces sold itself to Indian music label player Saregama for $40 million.
