EloElo Group raised an $80 million Series C round led by Hornbill Capital and NBCUniversal. The Bengaluru-based company operates Story TV, a micro drama platform in India. It also runs Master, Dolphin AI, and Voxy AI.
Investor backing
MIT Investment Co. and existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures, and Griffin Gaming Partners also participated. The round brings the group's total capital raised to $130 million. Avendus Capital served as the exclusive financial advisor.
Company context
EloElo Group was founded in 2020 by former Flipkart executive Saurabh Pandey. Its apps have crossed 300 million installs and reach over 40 million monthly active users. The group reported multifold revenue growth over the last year.
Products
Story TV offers more than 5,000 micro dramas in six languages. It launches a new drama every three hours. Users spend an average of 95 minutes per day on the platform.
The company plans to fund new original content across local languages. It will launch micro dramas internationally, including in the U.S. market. It will also continue investing in Dolphin AI.