Rheo TV Fundraising: raises $2M led by Sequoia, Lightspeed

Rheo TV

E-sports streaming Rheo TV raises 2 million dollars from Sequoia and Lightspeed ventures

Online e-sports streaming and community platform, Rheo Tv raise 2 million Dollars in seed funding round from Sequoia Capital India’s rapid scale up programs, surge, Lightspeed and Marquee angels. The company aims to build an entertaining ecosystem for mobile gamers, where fans can come together over gaming content, build communities and chat within the community.

“With this fundraise, Rheo is looking at product and content development and to hire new talent,” said Saksham Keshri, Co-founder and CEO, Rheo.  Saksham adds, “Online gaming is rarely viewed as a platform that strengthens social engagement. At Rheo we want to change that. Our mission is to redefine the gaming industry in India by using streaming channels as a way to create communities and encourage conversations – for both professional and hobby gamers. The ultimate goal is to make online gaming as entertaining and engaging as Cricket and Bollywood in India – with an added layer of monetisation.”

Speaking of the investment, Vaibhav Agrawal, Partner, Lightspeed, says, “Gaming is the new prime time – people are spending over 60 minutes daily, between 6 pm to 12 am. India is no longer just a casual gaming market — even mobile mid-core titles like PUBG have seen a meteoric rise from 6 million to over 60 million MAUs in a few months.”

Founder of StartupLanes, Shishir Gupta says: The online gaming system is on high demand now a day. Youths are more attracted to online gaming like PUBG. Rheo TV is providing a genuine and comfortable platform to users to engage in more gaming and entertaining gaming system. It’s a great opportunity for Rheo TV to expand and redefine the gaming industry. Congratulations to the team. Keep Growing.

Rheo TV was founded in 2019 by Saksham Keshri and Prakash Kumar, earlier they found Mojo Times. Its mission is to build a highly entertaining ecosystem for mobile gamers, where fans can engage over gaming content, chat and make communities with one another. It is India’s first online game streaming platform.

The online gaming industry that was pegged at Rs 2,000 crore in FY14 grew 2x to reach Rs 4,400 crore in FY18. The revenue expected to clip at 22 percent CAGR from FY18-FY23 to touch Rs 11,900 crore, a KPMG report said.
The report observed that the number of gamers and game developing companies has surged to 250 million in 2018 from 20 million and 25 million, respectively in 2010.
Increase in smartphones affordability has made online gaming easily reachable, now the users don’t need to go to cyber café. They can play at home anytime. expanding internet user base, declining data prices were attributed as the growth drivers for mobile gaming.

With the number of fantasy sports operators growing rapidly and the number of users on fantasy sports platforms expected to cross 100 million by 2020, this segment has the potential to spawn a whole ecosystem around it, and could help deepen user engagement with their favourite sports,” KPMG partner and head – Media and Entertainment Girish Menon said.