Rooter Raises $16 Million In Growth Round Led By Lightbox The company will be utilising the funds to strengthen its technology capabilities, sharpen its product bouquet, and further enhance user experience on its platform
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Rooter, a gaming and esports content platform, has raised $16 million in a growth round led by Lightbox. The round saw Trifecta Capital, Pivot Ventures, Baldota Family Office, Global Play Media, Denlow Private Trust, Venture Catalysts, and Potential Ventures join Rooter's captable. The round, which was a combination of debt and equity, also saw existing investors Duane Park Ventures, LeAD Sports & Health Tech Partners, ADvantage VC, Goal Ventures, Capital A and Astarc Ventures re-iterate confidence in the company. The company will be utilising 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.
"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 $10 million ARR by the next quarter and hit profitability by April 2024. Our current fundraise will provide us with the impetus to further develop our technology framework and pursue organic and inorganic growth opportunities," said Piyush Kumar, founder and CEO, Rooter.
The company aims to serve markets that mirror India with its sizable gaming audiences and preference for mobile-based content consumption and plans to formally expand its presence across Southeast Asia and MENA region. Rooter is focused on supporting India's growing creator ecosystem and working with top esports teams, gaming content creators, and brands to build one of the fastest-growing content categories in the country, according to an official statement by the company.
"In India's fast-growing gaming content space, Rooter has set strong benchmarks on how to strike the balance between growth and operational sustainability - establishing rapid scale while maintaining a healthy balance sheet and strong unit economics. We are confident of the ecosystem they are building around game streaming and esports and look forward to supporting them in their mission to become the largest mobile-based gaming content and streaming platform in the world," said Sid Talwar, partner, Lightbox.
Founded by Piyush Kumar and Dipesh Aggarwal in 2016, Rooter's vision is to become the world's largest mobile game streaming platform, on the lines of what Twitch has built for the PC and Console gaming space