Rooter Raises $ 25 Million From Lightbox, March Gaming, And Others
Games and esports streaming platform Rooter said on Wednesday it had raised $ 25 million (roughly Rs.185 crore) under the leadership of Lightbox, March Gaming and Duane Park Ventures. 9Unicorns, ADvantage, Capital-A and Goal Ventures also participated in the Series A funding round with existing investors including IeAD Sports and Health Tech Partners, according to a statement.
Thanks to this fundraising, the company also facilitated the secondary sale for a few of its shareholders and an exit route for a few employees through the takeover of ESOP, he added.
Rooter is looking to nearly double the size of his team by hiring across all divisions to complement his 55-member team based in the capital.
Founded by Piyush Kumar and Dipesh Agarwal, Rooter has 8.5 million monthly active users and over 30 million downloads. About 1 million unique users create game content on the Rooter platform every month.
The company aims to become the dominant player in India’s creator economy by building a base for the next 5,000,000 professional game streamers through its esports and games platform, the statement said.
According to a report published by RedSeer and Lumikai, India is expected to be home to 700 million gamers by 2025.
Rooter has grown at a breakneck pace over the past 18 months, alongside the boom in the mobile gaming market in India, and this new infusion of funds from renowned domestic and international investors only validates our work, Piyush Kumar, co-founder and CEO of Rooter. noted.
“Our community of streamers has witnessed incredible engagement on our platform, which has allowed us to increase our revenue over the past six months. Dipesh and I look forward to working with our supporters to make Rooter the biggest games company in the country over the next two years, ”he added.
A&W Capital, a UK-based boutique investment bank, was the exclusive financial advisor and Delhi-based Ahlawat and Associates was Rooter’s legal advisor on this transaction.
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