Rheo TV, an online e-streaming and community platform, raised USD 2 million in an investment round led by Sequoia Capital India’s Surge, Lightspeed and other angel investors.
“With this fundraise, Rheo is looking at product and content development and to hire new talent,” said Saksham Keshri, Co-founder and CEO, Rheo.
They are looking at building an entertaining platform for mobile gamers, where gamers will be able to chat with each other, build communities and engage over gaming content. The platforms will allow game streamers to create stream channels that will enable them to monetise their gaming skills and passion.
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.”
Co-founders of the Edtech startup Unacademy, Gaurav Munjal, Hemesh Singh, Roman Saini, and Dinesh Godara are among the angel investors who invested in Rheo TV. Other angels include Anushray Gupta (CTO Cuemath), Prashanth Mallik (Advisor in Zomato), Phanindra Sama (Founder, RedBus), Mahesh Narayanan (Ex-Linkedin Country manager, Ex-Google Mobile Country Head, Ex-MD Saavn) and Ranjit Radhakrishnan (CPO, Byju’s), as reported by YourStory.
Rheo TV was founded by Saksham and Prakash Kumar in August 2019. The two founders had earlier co-founded Mojo Times, which is a video news platform for independent journalists. Saksham has also built teams and products at various fast-growing startups like Unacademy and JioSaavn. Prakash has worked as a product Engineer with companies like Unacademy and Cuemath.
Rheo TV platform was launched about five months ago and it already has over 5000 streamers. Its streamers generate more than 900 hours of live content in over five regional languages. Over 100 games like PUBG, Call of Duty, GTA 5 and Free Fire are streamed online on Rheo TV.
As the gaming industry in India is rising in value, more and more investors are entering the market to back platforms catering to Indian gamers. Some of the big players who have invested recently in the industry are Alibaba, Tencent, and Nazara.