Redwood takes majority stake in India streaming startup Loco for $65m
Firm will use funds to support its "global expansion efforts"
Newly formed investment firm Redwood has taken a majority stake worth $65 million in India games streaming service Loco.
As reported by TechCrunch, the company hopes the deal will support its "global expansion efforts."
"The investment is a recognition of the immense work done by our team in the past few years," said Loco founders Anirudh Pandita and Ashwin Suresh.
"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."
Loco was founded in 2018 by Pandit and Suresh as a gaming streaming platform pitched as "Twitch for India."
In 2022, the firm raised $42 million in a series A funding round led by Hashed, with participation from Krafton, Lumikai, and Hiro Capital, in addition to Makers Fund, Korea Investment Partners, and Catamaran Ventures.
The platform has also entered deals with publishers such as Krafton, Activision, and Riot.