Indian streaming platform Loco sells to UAE investment firm Redwood
Indian streaming startup Loco, has been sold to UAE-based investment firm Redwood.
TechCrunch reports that the acquisition of India's version of Twitch came with a $65 million price tag for the newly-formed investment outfit. This represents a majority stake in the company and allows all existing investors to exit from Loco.
TechCrunch notes that this is a substantial decline on the $145 million valuation the company had slapped on it back in 2022.
“This investment is a recognition of the immense work done by our team in the past few years,” Loco's founders Anirudh Pandita and Ashwin Suresh said.
“Gaming is an integral part of the cultural zeitgeist globally, and 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.”
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