• December 5, 2023
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Indian company EsportsXO announced an undisclosed amount in its ongoing funding round. The funding round was led by investors like SOSV’s Orbit Startups and existing investors SucSEED Indovation Fund and Mumbai Angels, with participation from other backers such as WeFounderCircle and Imperial Holdings.

Founded in 2020 by Vikas Goel, Utsav Umang and Rohit Raj, EsportsXO provides online esports tournament management systems. The platform collaborates with game developers and brands to enhance visibility among the dynamic Gen Z gaming community through community-building and targeted advertising.

EsportsXO CEO and co-founder Goel 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 billion 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 has said that it has invested time and resources in platform development, cost optimisation, and refining unit metrics. This approach has resulted in a positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) for the last quarter and continued growth in the current quarter, reinforcing the startup’s financial sustainability, the company feels. The recently secured funding would amplify the company’s business development initiatives it believes.

Orbit Startups managing general partner and SOSV venture partner Oscar Ramos 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.”

SucSEED Indovation co-founder and managing partner Vikrant Varshney 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 plus tournaments, have 1000 plus tournament organisers on their platform, generated over $4 million lifetime revenue with less than $1.5 million spend, and have distributed US$ 100K plus 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.”

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.”