UAE-based Redwood has acquired a majority stake in the Indian game streaming platform Loco, solidifying the firm’s plans to shift its focus to international markets. The $65 million deal also allows all existing Loco investors to exit their positions, marking a pivotal transition for the startup as it adjusts to new ownership. Loco, once valued at nearly $150 million in 2022, has seen its valuation drop, reflecting the broader revenue struggles faced by Indian esports streaming platforms. The company’s challenges have been partly attributed to the limited selection of popular games available in the market.

Despite this, Loco views the partnership with Redwood as a critical step toward global expansion. The company’s founders, Anirudh Pandita and Ashwin Suresh, highlighted the significance of the investment, stating that it acknowledges the team’s achievements over the past few years. They emphasized the platform’s role in the global gaming culture, expressing optimism about building a platform at the heart of this movement. Livestreaming, they noted, offers a level of authentic connection that other mediums cannot match, with a particular focus on creating fan-centric experiences.

This deal comes on the heels of another major transaction involving Loco’s sister company, Pocket Aces, which sold a majority stake in a $40 million deal to Indian music label Saregama earlier in the year. Loco, backed by investors such as Catamaran Ventures, Krafton, and Hashed, has set its sights on creating a Twitch-like platform that can cater to markets where Amazon’s streaming service either hasn’t established a presence or has limited reach.

Currently, Loco streams popular games such as Grand Theft Auto V, Call of Duty: Infinite Warfare, Battlegrounds Mobile India, Free Fire, and Valorant. Streamers on the platform generate revenue through virtual goods purchased by viewers. Additionally, Loco has secured licensing agreements with major game publishers, including Krafton, Activision, and Riot, which it attributes to its early-mover advantage in the market.