Online gaming platform Rooter raises $16 mn in funding led by Lightbox

Online gaming and esports content platform Rooter has raised USD 16 million (about Rs 131 crore) in a growth round led by Lightbox, the company said on Thursday

Press Trust of India New Delhi
Online gaming

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Online gaming and esports content platform Rooter has raised USD 16 million (about Rs 131 crore) in a growth round led by Lightbox, the company said on Thursday.

The funding round also saw participation from Trifecta Capital, Pivot Ventures, Baldota Family Office, Global Play Media, Denlow Private Trust, Venture Catalysts and Potential Ventures.

"Rooter has raised USD 16 million (Rs 131 crore) in a growth round led by Lightbox," the company said in a statement.

The round, which was a combination of debt and equity, also witnessed participation from existing investors Duane Park Ventures, LeAD Sports & Health Tech Partners, ADvantage VC, Goal Ventures, Capital A and Astarc Ventures.

"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," the statement said.

Founded by Piyush Kumar and Dipesh Aggarwal in 2016, Rooter claims to have recorded 4 times revenue growth and has hit USD 7 annual recurring revenue run rate (ARR) at an 80 per cent gross margin.

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"With more than a sufficient runway, we are expecting to cross USD 10 million ARR by the next quarter and hit profitability by April 2024. Today, we are in a strong position to become the most preferred mobile gaming and esports content platform in the world.

"Our current fundraise will provide us with the impetus to further develop our technology framework and pursue organic and inorganic growth opportunities," Kumar said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: May 18 2023 | 6:31 PM IST

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