The Indian esports and gaming content platform Rooter has announced an a new round of investment, backed by venture capital firm Lightbox, valued at $16 million.
The investment round, which consists of a combination of loan and equity capital, will be used to expand the business’s technological capabilities. Aiming to provide a platform similar to Twitch but for mobile games, Rooter is one of the most well-known streaming and gaming platforms in India.
Seven new investors, including Trifecta Capital, Pivot Ventures, and others, joined former investors, such as Goal Ventures and Duane Park Ventures, in the latest financing round.
Rooter states that the firm would utilize the money to improve customer experience on its platform, improve its range of goods, and boost its capabilities in technology. Additionally, it will be looking for ways of growing globally and in new markets, including potential strategic acquisitions.
Furthermore, the money will be utilized to work together with Indian esports teams and organizations along with technological partners that can assist Rooter’s infrastructure grow. Rooter is a partner of GodLike Esports, one of India’s major esports teams.
According to a press release, Rooter will likely consider other nations in the MENA and Southeast Asia regions that have a significant number of mobile gamers in the future, adding that these two regions are important targets for possible expansion.
Rooter’s founder and CEO, Piyush Kumar, shared his thoughts on the funding:
Our user-centric, tech-driven approach has helped us double our active user base and scale our market footprint without compromising on sustainability. With more than a sufficient runway, we are expecting to cross $10m ARR by the next quarter and hit profitability by April 2024. Our current fundraising will provide us with the impetus to further develop our technology framework and pursue organic and inorganic growth opportunities.
Piyush Kumar, CEO of Rooter
