SucSEED backs EsportsXO again, the largest community of active gamers in India!

SucSEED Indovation Ventures
4 min readDec 1, 2023
SucSEED backs EsportsXO again, the largest community of active gamers in India!

EsportsXO is a SaaS-based platform to design, announced the successful closure of an undisclosed amount in their Pre-Series A round of funding. The round saw participation from SOSV/ORBIT Startups, SucSEED Indovation Fund, Mumbai Angels, Imperial Holdings.

EsportsXO is the largest community of active gamers in India. With the state-of-the art platform we allow gamers to find tournaments and new players. They also work with game developers and brands to find visibility among the GenZ gamers by creating communities on the platform and advertising.

It addresses vital pain points of gamers as it is difficult to find new legitimate tournaments of different game titles and worthy opponents, the opportunities for the gamers are not democratized, and there is no clear path for aspiring gamers. EsportsXO helps them monetize their skill and time by engaging with brands and companies for events, sponsorships and brand deals.

EsportsXO is one of India’s top choices when it comes to eSports gaming platforms. They have established their competitive advantage through their user base, their community of gamers as well as professional players. While most eSports companies are in the league operations (services) model or Real Money Gaming (RMG), EsportsXO is in the most lucrative “true eSports” industry with SaaS-based marketplace and community building platform which is booming across the globe.

EsportsXO has several revenue streams such as organizing fees, event ticket sales, broadcast and license revenue, branding and advertising revenue and content sales.

ESportsXO has strategic tie-ups with big clients like Omnicom Media Group, iQOO, Glance, Facebook Gaming, Loco, Intel, Vivo, Amazon, India Today Gaming, Rooter and Realme. They also have a lot of strategic tie-ups with professional teams and players. Because of this, casual players sign up and this creates a network effect as they want to compete with the best of the players on the platform.

Vikrant Varshney, Cofounder & Managing Partner of SucSEED Indovation Fund

Speaking on their investment reasons; Vikrant Varshney Co-Founder & Managing Partner of SucSEED Indovation Fund, said “ESportsXO is a SaaS-based platform to design, launch and manage online eSports tournaments by building the community for console, PC and mobile gamers across the world on a unified Platform. According to Niko Partners’ India Games Report, India’s gaming market revenue will hit USD 868M in FY 2023–2024 and is projected to reach USD 1.6B in FY 2026–2027 growing at a 17.2% CAGR. There are over 444M Indian gamers, of which 138M are paying users.”

Vikrant further added, “Since the time we had funded them in the first round, EsportsXO have kept us impressed with their journey of growth. EsportsXO currently has over 500 creators on their platform. They have hosted 7,000+ tournaments on their platform, have 350+ tournament organisers on their platform, and given out USD 100K+ in sponsored rewards. We are super proud of our portfolio’s growth.”

EsportsXO Team - Rohit Raj, Vikas Goel and Utsav Umang

Vikas Goel, CEO and Co-founder, EsportsXO, expressed his vision for the future, stating, “XO aims to become the largest game and player discovery platform for gamers. In the process, we are 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 the company to tackle its next significant challenge — expanding the company in size and increasing its user base.”

EsportsXO has been amping up its efforts to accelerate growth and optimise efficiency. Over the past 18 months, EsportsXO has diligently invested time and resources in developing its platform, optimising costs, and refining unit metrics, resulting in a positive EBITDA for the last quarter and continued growth in the current quarter. The recently secured funding will be instrumental in fueling the startup’s business development initiatives and accelerating overall growth.

SucSEED Indovation Fund (SIF) is a SEBI regulated AIF Cat-1 Venture Capital Angel Fund, with with clear focus on early-stage tech seed initiative. General Partners of the Indovation Fund have 100+ years of cumulative experience within technology, fund management, and start-up ecosystem and have already invested in 75+ startups. SIF attempts to support Indian Innovation for mass needs in the following Seven (7) sectors-

  • EdTech
  • FinTech
  • HealthTech & MedTech
  • Security & RegTech
  • EnterpriseTech SaaS
  • GSM — Gaming, SportsTech & Mediatech
  • DEET — Digital Economy covering Mobility, Sustainability, PropTech, LifeStyle and Emerging Tech