Online gaming and esports content platform Rooter has raised $16 million (about Rs 131 crore) in a growth round led by Lightbox, the company said on Thursday.
The funding round also saw participation from Trifecta Capital, Pivot Ventures, Baldota Family Office, Global Play Media, Denlow Private Trust, Venture Catalysts and Potential Ventures.
"Rooter has raised $16 million (Rs 131 crore) in a growth round led by Lightbox," the company said in a statement.
The round, which was a combination of debt and equity, also witnessed participation from existing investors Duane Park Ventures, LeAD Sports & Health Tech Partners, ADvantage VC, Goal Ventures, Capital A and Astarc Ventures.
"The company will be utilising the funds to strengthen its technology capabilities, sharpen its product bouquet and further enhance user experience on its platform. It will also be pursuing market expansion and cross-border growth opportunities, including potential strategic acquisitions," the statement said.
Founded by Piyush Kumar and Dipesh Aggarwal in 2016, Rooter claims to have recorded four times revenue growth and has hit $7 million annual recurring revenue run rate at an 80% gross margin.
"With more than a sufficient runway, we are expecting to cross $10 million ARR by the next quarter and hit profitability by April 2024. Today, we are in a strong position to become the most preferred mobile gaming and esports content platform in the world.
"Our current fundraise will provide us with the impetus to further develop our technology framework and pursue organic and inorganic growth opportunities," Kumar said.
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