EsportsXo, a Bengaluru-based SaaS (software-as-a-service)-based gaming tournament discovery platform, has raised $1.1 million in its seed funding round led by We Founder Circle, a founder-driven angel network.
Several investors, including SOSV, Mumbai Angels Network, SucSEED Indovation Fund, The Gaming Lounge and FAAD Network Pvt Ltd, also participated in the funding round.
The startup plans to invest 40% of the funds into tech and non-tech employees, while the rest will be used for marketing and operations.
EsportsXO
Founded by Vikas Goyal, Utsav Umang and Rohit Raj, EsportsXO is an esports tournament management company that offers software to manage tournaments online. Owned and operated by TechnoXo Pvt Ltd, EsportsXo enables game publishers and brands to launch custom tournaments for users. As per the startup, it plans to build an esports metaverse for fans and players.
Speaking on the development, Bhawna Bhatnagar, Co-founder, We Founder Circle,
“(The) SaaS industry has been witnessing tremendous growth in India, given the availability of the quality resources, professionals, and a wide user base. EsportsXO has cut a considerable slice in the market in a very short span of time.”
The Bengaluru-based gaming startup has over 150,000 users on its platform and is witnessing a 20% month-on-month growth. Their platform–XO–claims to have organised more than 250 tournaments across eight games last year, and more than two million people participated in these games.
The Indian gaming sector is booming with increased funding and acquisitions. As per a report by Maple Capital Advisors, gaming startups in India have attracted deals worth $1.6 billion in the first nine months of 2021, exceeding the total value of investments in the sector in the last five years.
Recently, Tournafest, a Rajasthan-based gaming platform, raised Rs 3.05 crore in a pre-seed funding round from a clutch of investors, including India Quotient, FirstCheque, and other angel investors.
Another report by Redseer stated that India’s gaming market is set to become $7 billion in FY2026 (more than 3X of the market in FY2021).
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