Eloelo raises $13.5 million in Series B for its multilingual Live Social Entertainment Platform

Eloelo has announced it has raised Rs 114.3 Cr ($13.5 Mn) in its Series B funding round. The round was led by Play Ventures and saw participation from Kalaari Capital, MIXI Investments, Gameskraft Technologies, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures & Rocket Capital.
Eloelo has so afr raised over $50 million in funding, including a $22 million round in September 2023 led by Courtside Ventures and Griffin Gaming Partners. Saurabh Pandey, Founder & CEO of Eloelo says, “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”
According to Lumikai’s latest ‘State of India Interactive Media & Gaming Report’, the media & entertainment market in India is worth $25 billion of which new media like esports, gaming, live streaming & digital media is worth $12Bn, expanding rapidly at a 16% CAGR.
Speaking on Eloelo’s revenue, Saurabh added, “We switched on monetization in May 2024 after 2-3 years of building the platform capabilities and scaling rapidly to hit PMF. In less than a year of launch, we are now hitting a 200 crore Annual revenue run rate ($23M ARR) with 1.5 Million paying users and are one of the fastest growing platforms in India at this scale. Consumer Tech in India is going through a massive shift away from ad-first models to micro payments, and we are happy to be powering this shift.”