EsportsXO Secures Funding Led by SOSV’s Orbit Startups, SucSEED Indovation

• ByStartupStory     |    December 5, 2023

EsportsXO, a pioneering force in India’s esports and gaming startup scene, has disclosed an undisclosed sum secured in its ongoing funding round. The investment, led by key investors SOSV’s Orbit Startups, SucSEED Indovation Fund, and Mumbai Angels, among others like WeFounderCircle and Imperial Holdings, signifies a pivotal milestone in the company’s expansion and innovation plans.

Founded in 2020 by Vikas Goel, Utsav Umang, and Rohit Raj, EsportsXO has distinguished itself as an innovator in the rapidly evolving esports domain. Their focus on state-of-the-art online esports tournament management systems has garnered attention and backing from investors and industry leaders.

CEO and Co-founder Vikas Goel articulated the company’s vision, stating, “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.”

EsportsXO’s growth strategy has been robust, with focused efforts on platform development, cost optimization, and refining unit metrics over the past 18 months. This approach has resulted in a positive EBITDA for the last quarter and continued growth in the current quarter, affirming the startup’s financial sustainability. The freshly secured funding is positioned to significantly boost EsportsXO’s business development initiatives and expedite overall growth.

Oscar Ramos, Managing General Partner at Orbit Startups and Venture Partner at SOSV, emphasized the burgeoning esports market in India, saying, “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.”

Vikrant Varshney, Co-Founder and Managing Partner of SucSEED Indovation Fund, expressed confidence in EsportsXO’s trajectory, stating, “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.”

Vikas Goel concluded, “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.”

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