Bengaluru-based EsportsXO secures next tranche of strategic investment to fuel expansion and growth
Bengaluru, December 05, 2023– EsportsXO, a frontrunner in the esports and gaming startup landscape in India, announces an undisclosed amount in its ongoing funding round. The funding round was led by renowned investors SOSV’s Orbit Startups and existing investors SucSEED Indovation Fund and Mumbai Angels, with participation from other strategic backers such as WeFounderCircle and Imperial Holdings. This investment signals a crucial milestone for the company’s ambitious plans for expansion and innovation.
EsportsXO, founded in 2020 by Vikas Goel, Utsav Umang, and Rohit Raj, stands out as a trailblazer in the rapidly evolving esports sector. The company’s commitment to providing cutting-edge online esports tournament management systems has garnered attention and support from investors and industry leaders.
Vikas Goel, CEO and Co-founder of EsportsXO, shared his vision for the company’s future, and said, “XO aims to become the largest game and player discovery platform for gamers. Game advertising is a $130 Bn market. With BattleXO, we are not just targeting gamers but also addressing the needs of game developers and tournament organisers, enabling them to leverage technology for scalable reach through data-driven campaigns. The infusion of capital will further empower us to tackle the next significant challenge – expanding our company in size and increasing our user base.”
Accelerated Growth and Operational Excellence
EsportsXO has demonstrated robust growth over the past 18 months, investing time and resources in platform development, cost optimisation, and refining unit metrics. This strategic approach has resulted in a positive EBITDA for the last quarter and continued growth in the current quarter, reinforcing the startup’s financial sustainability. The recently secured funding is poised to play a pivotal role in amplifying EsportsXO’s business development initiatives and accelerating overall growth.
Oscar Ramos, Managing General Partner at Orbit Startups and Venture Partner at SOSV, highlighted the booming esports market in India, and said, “The esports market in India is taking off, driven not only by a growing fan base and the professionalisation of competitive gamers but also by the involvement of both local and international brands. These brands recognise the importance of the industry for the consumers of the future. The EsportsXO platform is built from the bottom up, enhancing the experience and maximising value for every party in the ecosystem.”
Investor Confidence and Continued Success
Vikrant Varshney, Co-Founder and Managing Partner of SucSEED Indovation Fund, expressed confidence in EsportsXO’s trajectory, and said, “EsportsXO is a SaaS-based platform to design, launch, and manage online esports tournaments by building a community for console, PC, and mobile gamers across the world on a unified platform. Since the time we funded them in the first round, EsportsXO has kept us impressed with their journey of growth. They have hosted 25,000+ tournaments, have 1000+ tournament organisers on their platform, generated over $4M lifetime revenue with less than $1.5M spend, and have distributed USD 100K+ in sponsored rewards. As the company prioritised growth, it has successfully generated value for stakeholders as well. We take immense pride in the notable expansion of our portfolio company.”
Vikas Goel added, “Just as technology has disrupted the healthcare, food, logistics, and commerce sectors, it is inevitable that gaming will undergo a similar transformation. EsportsXO is poised to lead this disruption from India, shaping the future of gaming.”
Founded by Vikas Goel, Utsav Umang, and Rohit Raj, EsportsXO is the sole company that adds comprehensive value to the entire gaming ecosystem, catering to the needs of gamers, game developers, and brands alike. The platform collaborates with game developers and brands to enhance visibility among the dynamic Gen Z gaming community through community-building and targeted advertising.