New Delhi, April 10 -- Eloelo, a Bengaluru-based startup that offers a platform for live social entertainment events, said Thursday it has raised Rs 114.3 crore ($13.5 million) in its Series B funding round led by venture capital firm Play Ventures.
The round also saw participation from Gameskraft Technologies and existing investors Kalaari Capital, MIXI Investments, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures and Rocket Capital, the startup said.
Eloelo has raised over $50 million in funding to date. In 2023, the company raised $22 million in its pre-Series B round of funding that was co-led by Courtside Ventures and Griffin Gaming Partners.
With the latest capital infusion Eloelo will expand the adoption of gen-AI and expand reach to Indian diaspora abroad, while setting its eyes on $60 million annual run rate by the end of the year.
Eloelo was founded in 2020 by Saurabh Pandey and Akshay Dubey. It combines audio and video live chatrooms with games and shows. The platform is available in various Indian languages and claims to have more than 90 million users and a network of over 150,000 creators.
"With close to 400 million aspirational middle India consumers, we believe this is a massive underserved market which needs India-first solutions," said Pandey, who is also CEO of Eloelo.
Pandey said the company started monetizing last year after spending roughly three years building the platform. He claimed that Eloelo has reached Rs 200 crore annual revenue run rate with 1.5 million paying users.
"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," he added.
Published by HT Digital Content Services with permission from VC Circle.