Indian esports and gaming content platform Rooter has announced a new round of financing today, valued at $16m (£12.9m) and led by venture capital company Lightbox.
The finance round is a mix of debt and equity financing and will be used to scale the company and help its technology capabilities.
Rooter is one of the most popular streaming and gaming platforms in India, with the company’s aim being to create a platform similar to Twitch but for mobile games.
The new financing round saw existing investors, like Goal Ventures and Duane Park Ventures, be joined by seven new investors, including Trifecta Capital, Pivot Ventures, and others.
According to Rooter, the company will be using the funds to strengthen its technology capabilities, sharpen its product bouquet and further enhance user experience on its platform. It will also be pursuing market expansion and cross-border growth opportunities, including potential strategic acquisitions.
The funding will also be used to further work with esports teams and organisations in India and work with technology partners that can further help scale Rooter’s infrastructure. Rooter is a partner of one of the largest esports teams in India, GodLike Esports.
According to a release, Rooter will probably look towards other countries with a large number of mobile gamers in the MENA and Southeast Asia regions in the future, noting that the two regions are key areas for potential expansion.
Piyush Kumar, Founder and CEO of Rooter, commented 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.”