EsportsXO, a SaaS-based tournament discovery platform for gaming enthusiasts, has raised$1.1 million in its Seed round.

The round was led by We Founder Circle, SOSV, Mumbai Angels Network, SucSEED Indovation Fund, The Gaming Lounge and FAAD Network.

The funds will be utilized to scale up technology, non-tech talent acquisitions, marketing and operations.

The platform enables opportunities for game publishers and brands to launch custom tournaments for users. The platform has already registered over 150,000 users in a span of90 days and is witnessing a 20 per cent month-on-month growth, said a statement.

“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. Given the unique approach the brand is sure to resonate with the audience, expand its footprint and join the top leagues soon,” said Bhawna Bhatnagar, co-founder, We Founder Circle.

“With India’s young demographic profile, access to smartphones and affordable internet, the Indian e-sports space is going to explode and can become a $10 billion market in the coming years. We are confident that the EsportsXO team, with their market positioning and platform approach, can add a lot of value to game publishers, players, brands and various other stakeholders, not only in India but also globally,” said Chetan Mehta, CEO of Wami Capital.

Founded in 2020 by Vikas Goel, Utsav Umang and Rohit Raj, the platform offers opportunity to game publishers and brands to launch custom tournaments to engage users. EsportsXO will build an e-sports metaverse of fans, players and offer other microservices in e-learning, merchandising, NFTs, content and social networking, added the statement.