Co-founder Anirudh Pandita says Pocket Aces may invest $3-5 million over 12-18 months in Loco and expand the company's offerings in the gaming genre
New Delhi: Sequoia Capital-backed digital media company Pocket Aces on Tuesday said it acquired trivia game show app Loco.
Loco, an Android app, allows users to log in to play a live quiz game. Winners can get as much as Rs10,000 as credit in their Paytm wallets.
Pocket Aces declined to disclose financial details, but two people close to the deal pegged the transaction at $1 million.
Co-founder Anirudh Pandita said Pocket Aces may invest $3-5 million over 12-18 months in Loco and expand the company’s offerings in the gaming genre.
“For our audience, it allows us to imagine a new content format," Pandita said over the phone. “It also adds a completely new and interesting advertising element."
Pocket Aces is a youth-focused online media company that delivers long and short format video content on social media platforms.
Early last year, it raised $3 million from Sequoia Capital India, North Base Media and Aarin Capital, among others. Loco will be run as a separate business unit. Its founders Abhishek Madhavan, Chetan Dembre, and Sushil Kumar have joined Pocket Aces.
Since rollout in early December, Loco has 40,000 downloads and claims that over 6,500 concurrent users play the quiz, which is broadcast twice a day, daily.
The Loco deal is part of a strategy to venture into new digital media formats, starting with live game show. Pocket Aces will initially expand the content on Loco to local languages such as Tamil and Telugu.
“We will also explore other game show formats," Pocket Aces co-founder Ashwin Suresh said.
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