A Series B funding round led by Play Ventures has raised $13.5 million (Rs 114.3 crore) for the live social entertainment platform Eloelo.
Waterbridge Ventures, Courtside Ventures, Gameskraft Technologies, Griffin Gaming Partners, MIXI Investments, Rocket Capital, and Kalaari Capital are additional investors.
Recently, the current round was exclusively reported by Entrackr.
The money raised will go toward improving product features, breaking into new markets, and reaching a $60 million yearly revenue run rate by the end of 2025.
Along with exploring international expansion in Indian diaspora markets, the platform will also invest in AI tools for creators.
Eloelo, which was founded in July 2020 by Saurabh Pandey, enables creators to host live streams of interactive audio and video in a variety of Indian languages and make money via virtual gifts and micropayments.
Eloelo has so far raised more than $50 million. It started making money in May 2024 and now has 1.5 million paying users and an annual revenue run rate of $23 million (about Rs 200 crore). According to the platform, it has over 90 million users and supports over 20,000 creators.
According to media, the business spent the fiscal year that concluded in 2024 in its pre-revenue stage. The Kalaari-backed company’s losses increased by more than two times to Rs99 crore at the same time.
With features that combine social interaction, gaming, and live streaming, Eloelo is available in eight different languages.
Platforms like Frnd, Lokal, and Sharechat are its competitors. The top gaming platforms are Loco, Rooter, and Turnip; to increase engagement, Chingari, ShareChat, and Bolo Live are branching out into live and casual gaming.
