Posted by Bangalore: Gaming startup EsportsXO raised $1.1 million from We Founder Circle, Wami Capital, SOSV and other investors.
Mumbai Angels Network, SucSEED Indovation Fund, The Gaming Lounge and FAAD Network were among the other investors that participated in the seed funding round led by We Founder Circle.
EsportsXO is SAAS based tournament discovery platform for gaming enthusiasts. It enables opportunities for game publishers and brands to launch custom tournaments for users.
The gaming startup EsportsXO has strategic planning to build an esports met-averse for fans, players and more. The platform has already registered over 150,000 users in a span of just 90 days and is witnessing a 20% month-on-month growth. XO organised over 250 plus tournaments in 8 popular games with over 2 million people participating in the last 1 year.
The three founders of EsportsXO namely Vikas Goel, Utsav Umang and Rohit Raj had earlier invested $200, 000 in their personal capacity to launch the brand before raising this first investor round.
“EsportsXO has cut a considerable slice in the market in a very short span of time. Given the unique approach the brand is sure to resonate with the audience, expand its footprint and join the top leagues soon,” said Bhawna Bhatnagar, Co-Founder, We Founder Circle.
According to Chetan Mehta, CEO of Wami Capital, esports is today one of the fastest-growing segments in the overall global media space.
“With India’s young demographic profile, access to smartphones and affordable internet, the Indian esports space is going to explode and can become a $10 billion market in the coming years,” said Mehta.
We are confident that the EsportsXO team, with their market positioning and platform approach, can add a lot of value to game publishers, players, brands and various other stakeholders, not only in India but also globally,” added Mehta.
“Esports in India is at the same stage where e-commerce was 15 years ago, there are a lot of opportunities for everyone. The market in India and the rest of the APAC region is very huge which gives us enough room for creativity and growth”, said Vikas Goel, Co-Founder, EsportsXO.
EsportsXO will invest 40% of the total funds into tech and non-tech talent acquisition. The rest will majorly fuel aggressive marketing and operations.
SaaS tool is at the centre of EsportsXO’s strategy as it helps in creating a nice flywheel effect for the gaming startup that is simultaneously being translated into revenue growth.