Eloelo, a live video streaming platform has raised $13 million in its Series A funding round led by KB Investments, Kalaari Capital with existing investors WaterBridge Ventures and Lumikai Fund.
The funding round also saw participation from Convivialité Ventures and Rocket Capital.
With this funding round, the startup has raised a total funding of approximately $16 million so far.
The company plans to use the funds to grow its technology, product and content teams, as well as foster new partnerships with creators that will help them reach millions of users.
Bengaluru-based Eloelo was founded in August 2020 by Saurabh Pandey and Akshay Dubey, it is a live video streaming platform that has crossed over 3.5 million users and 40,000 creators on its platform.
It seeks to build a future of creator-fan engagement, where creators host live video rooms, create interactive communities, and monetize directly from fans.
“Creators want to cultivate deep authentic relationships with their fans, and Eloelo lets them imagine completely new interactive live experiences to engage fans. We have been growing at 40 percent MoM with a vision to build the future of interactive entertainment. Our Series A fundraise demonstrates the belief our current and new investors have in what we are building and enables us to take bolder bets to shape the creator economy for Bharat”, said, Saurabh Pandey, Co-founder and CEO, Eloelo.
The platform aims to bring innovative means of live interaction, enabling creators to monetize with their superfans, and is also exploring NFT use cases for their top creators.
“There is an entire generation of first-time internet users who are now able to build a direct channel to their fans to sell their unique products and offerings. Deeper relationships will be built between creators and their fans, powered by the emergence of an entire ecosystem of tools and platforms that enable this shift. Eloelo is enabling these creators with the perfect blend of social games and interactivity with live streaming”, said, Vani Kola, Managing Director, Kalaari Capital.
“We remain very excited to back Saurabh, Akshay, and the Eloelo team, who continue to push the boundaries of live, interactive, and creator-led live streaming. Their product-led thinking and deep user insights enables them to drive strong user engagement, retention, and creator monetisation by innovatively leveraging the power of live “lean forward” formats of entertainment”, said, Salone Sehgal, General Partner at Lumikai Fund.
They’re at EloElo, believe in the motto ‘Live nahi, Life hai. Live streaming is a lifestyle! Bringing together creators & artists from across India, EloElo is where the entire nation goes live.
When it comes to Live streaming, they believe in a creator-first approach. Its aim is to build a community of empowered creators who’re supported by their platform at every step of the way.
With more than 10M+ audience, 50+ Live games & entertainment categories and 1000+ Live Streams being done everyday, EloElo has truly defined its place as India Ka Live Adda!