Eloelo, a live social entertainment platform, has raised ₹114.3 crore in its Series B funding round led by Play Ventures. The round also saw participation from Kalaari Capital, MIXI Investments, Gameskraft Technologies, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures and Rocket Capital.
The fresh funds raised will be used for international expansion, enhance product features and expand its range of offerings to build a large media and entertainment powerhouse. Additionally, it also plans to scale its revenue to a $60 million annual revenue run rate by the end of 2025.
To date, Eloelo has 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 said, “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 live streams 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.”
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 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 micropayments, and we are happy to be powering this shift. Gone are the days when India was the MAU farm of the world – we are here to prove that the Bharat-first models have massive monetization potential as we track towards a $60M run rate by end of this year. Beyond just numbers, the impact I am truly proud of at Eloelo is that more than 20,000 creators are now earning a livelihood by streaming and building their own digital communities.”
“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. We’re seeing the convergence of creator-led content, real-time community engagement, and gamified social experiences reshaping how digital natives connect and express themselves. We believe Eloelo is at the forefront of this shift, bridging live streaming, gaming and culture in a way that’s uniquely local and globally scalable. As verticalized platforms continue to unbundle legacy social media, we see Eloelo carving out a powerful new category in the social entertainment landscape,” said Anton Backman, Partner at Play Ventures.
Founded in July 2020 by Saurabh Pandey, Eloelo is a live media & entertainment platform that allows users and creators to interact, engage, and connect through interactive live streams, games, chats, and creator tools to create a vibrant, engaging experience.
The platform enables creators to host interactive video and audio livestreams in their local languages using AI-led tools to build a community, engage & monetize directly from their audiences. Eloelo operates in eight languages and offers features combining live streaming, gaming, and social engagement.
Eloelo competes directly or indirectly with other platforms like Sharechat, Frnd, and Lokal in the live streaming & social entertainment space.
