Gaming startup EsportsXO raises $1.1 mn in seed round

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Gaming startup and SAAS-based tournament discovery platform EsportsXO has raised $1.1 million in a seed round led by We Founder Circle and followed by SOSV, Mumbai Angels Network, SucSEED Indovation Fund, Eximius Ventures, and FAAD Network.

EsportsXO has planned to invest the funds into tech and non-tech talent acquisition along with stregntening marketing and operational activities. The Founding team Vikas Goel, Utsav Umang and Rohit Raj had invested $200K before raising the first investor round. Incepted in 2020, EsportsXO is a tournament discovery platform for gamers and gaming enthusiasts with a vision to build a community of console, PC and mobile gamers across the world, who can come together under a single roof.

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The brand’s USP lies in the SaaS tool that forms the center of EsportsXO strategy. The Bengaluru-based firm has registered over 150K users in a span of 90 days, organizing more than 250 tournaments in 8 games with over 2 million people participating in the last 1 year and growing 20% month-on-month. 

The founding team Vikas Goel, Utsav Umang and Rohit Raj had earlier invested $200K in their personal capacity to launch the brand before raising this first investor round. “(The) SaaS industry has been witnessing tremendous growth in India, given the availability of the quality resources, professionals, and a wide user base. EsportsXO has cut a considerable slice in the market in a very short span of time,” said Bhawna Bhatnagar, Co-founder, We Founder Circle.