KREO Secures INR 6.5 Cr in Seed Funding Led by Sauce.VC, Fueling Growth in the Passion Economy
Bangalore, India - May 23, 2023 - KREO, a pioneering consumer electronics brand catering to gamers and creators, announced today the successful completion of a seed funding round, raising INR 6.5 Cr in a combination of equity and debt financing.
The funding round was led by Sauce.VC, a renowned consumer venture capital fund, with a significant contribution from other notable investors including the Chona Family Office, Revant Bhate (Co-founder at Mosaic Wellness), Bala Sarda (Founder at Vahdam Teas) and Nikhil Bhandarkar (Co-founder at Panthera Peak Capital).
KREO, founded in late 2022, is making waves in the passion economy space by offering innovative and accessible electronics for India's burgeoning community of content creators and gamers.
Led by Ishan Sukul, Niraj Chitnis, and Himanshu Gupta, KREO has quickly established itself as a disruptive force in the gaming and content creation industry. With a growing portfolio of 10 cutting-edge products, KREO is set to launch over 50 groundbreaking solutions for gamers and creators in the next 12 months. The recent funding injection will fuel brand building, facilitate product development, support growth initiatives, and enable the expansion of the KREO team.
Yash Dholakia, Director of Sauce.VC, expressed excitement about the potential for industry and company growth, stating, "We are thrilled by the rapid expansion of the creator and gaming space in India. KREO's founders have demonstrated exceptional acumen in understanding this consumer segment and translating it into affordable yet innovative and beautifully designed products. We see KREO as a unique opportunity to build a brand that stands out in the rapidly growing electronic consumer devices market."
Co-Founder and CEO of KREO, Ishan Sukul, a gamer himself, said, "Having spent countless hours immersed in PC games and crafting and sharing memes on social platforms, I recognized the lack of high-quality, user-friendly products available. At KREO, we strive to equip gamers and content creators with top-notch hardware solutions while fostering a sense of community where our users truly feel a part of something greater," Sukul added.
KREO's mission goes beyond commerce; it aims to foster a vibrant community of gamers, creators, and visionaries, embodying its ethos of 'By the Kreators, For the Kreators.' Each KREO product exemplifies the brand's deep understanding of and dedication to meeting the distinctive needs of the digital passion economy. Positioning itself at the intersection of technology, passion, and creativity, KREO aims to tap into India's rapidly evolving electronic consumer device market, projected to reach an astonishing INR 1,40,000-1,80,000 Cr by 2025, with a projected CAGR of 15-20%. By focusing on the expanding gaming and creator tools segments, KREO is primed to engage with India's vast young demography, which includes over 50 million active gamers and 10 million creators. KREO's current product lineup comprises lighting and audio products, tripods, and other accessories. In the coming months, KREO will also introduce mobile and PC gaming products.
KREO has demonstrated impressive momentum, experiencing over 200% growth in the past six months alone and is on track to achieve an annual revenue run rate of over $6 million (INR 50 Cr) by the end of the current financial year.
Kreo, the leading force behind India's passion for content creation and gaming, is revolutionising the industry with its exceptional range of electronic products. As a pioneer in product innovation and category creation, Kreo aspires to become the ultimate destination for creators and gamers, offering a comprehensive selection of premium, reliable, and accessible solutions. Founded by Ishan Sukul, Niraj Chitnis and Himanshu Gupta alumni of Manipal, St.Xavier’s College and IIT Roorkee from diversified professional backgrounds across startups, management consulting (Bain & Co.), manufacturing (Zetwerk) and E-commerce (Flipkart). Kreo’s investors also include Ashutosh Valani & Priyank Shah (Co-Founders, Renee Cosmetics), Rahul Sharma (Co-founder, Zetwerk), Bharat Kalia (Co-founder, Lifelong Online), Pradeep Krishnakumar (CEO, Zouk), Ishank Gupta (Co-Founder, IndiGG) and Veda VC, amongst others. For queries, please reach out to: Niraj Chitnis, Kreo | email@example.com | +91-8097474722
Sauce.VC is a venture capital fund with a dedicated consumer focus and a high-engagement model. Partnering with startups in the F&B, personal care, apparel/lifestyle segments, they work with brands who dare to disrupt the market. Their portfolio includes investments in leading brands such as XYXX, The Whole Truth, Mokobara, Perfora, HYPD, My Muse amongst others.