Live Social Platform Eloelo Raises Rs 114.3 Cr in Series B

Live social entertainment platform, Eloelo, today announced it has raised Rs 114.3 Crore ($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.
’Play Ventures believes that next-generation social platforms built natively for mobile-first and video-first communities remains a massively untapped opportunity. We’re incredibly excited to partner with the Eloelo team as they pioneer a new category of interactive social entertainment for India and beyond,” said Anton Backman, Partner at Play Ventures

Eloelo is pioneering a new-age consumer social platform to become the ‘Digital Third Place for Bharat’ by blending interactive live streams with gamification and micro payments. The platform enables creators to host interactive video and audio livestreams in their local languages using AI-led tools to build a community, engage and monetize directly from their audiences.

To date, Eloelo has raised over $50 Mn in funding, including a $22 Mn round in September 2023 led by Courtside Ventures and Griffin Gaming Partners. Eloelo competes directly or indirectly with other platforms like Sharechat, Frnd, Lokal in the live streaming and social entertainment space.

“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,” said Saurabh Pandey, Founder & CEO of Eloelo.

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.”

The fresh infusion of Series B capital will enable Eloelo to go deeper into gen-AI use cases, international expansion in Indian diaspora markets and scaling revenue further with more use cases as it aims to build a large media and entertainment powerhouse. - TWL Bureau