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Eloelo, India's leading live social entertainment platform, has raised $13.5 million (Rs 114.3 crore) in its Series B funding round led by Play Ventures.
Other investors including Kalaari Capital, MIXI Investments, Gameskraft Technologies, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures and Rocket Capital also participated in the round.
With this latest funding, Eloelo has now raised over $50 million in total, including $22 million from its Series A extension in September 2023.
The funds will be used to enter new markets, improve product features, and aim for $60 million in yearly revenue by the end of 2025.
The platform also plans to invest in AI tools for creators and explore global expansion in regions with a large Indian diaspora.
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Saurabh Pandey, Founder & CEO of Eloelo, stated, “Eloelo is bringing the ‘Social’ back in consumer social platforms at a time when most platforms are built for passive content viewing. We believe that feeling connected to others is a primary human need of belongingness, and we are solving that across 8 languages by connecting Indians over interactive livestreams with games, chat & virtual gifting to express their emotions."
"With close to 400 Million aspirational middle India consumers, we believe this is a massive underserved market which needs India-first solutions. Extremely proud of our team that has built a platform that handles large scale concurrency in live streams in 8+ languages along with building gen-AI tools to empower creators. The Series B round shows us the belief that our existing and new investors place on our vision and execution ability," he added.
About Eloelo
Founded in 2020 by Saurabh Pandey, Eloelo lets creators host fun and interactive live video and audio streams in several Indian languages, earning money through small payments and virtual gifts.
The platform supports eight languages and blends live streaming with gaming and social features.
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