Social gaming and live streaming app Eloelo in discussion to raise $15 M: Report
According to two sources, social gaming and live-streaming platform Eloelo is negotiating to raise $15 million from both new and existing investors. After a hiatus of 15 months, the Bengaluru-based company may receive funding.
“Eloelo is in the advanced stage to raise $15-20 million from a couple of new and existing investors including Lumikai Fund, WaterBridge, and KB Global Platform,” said one of the sources requesting anonymity as talks are private.
In June of last year, Eloelo raised $13 million in its Series A round. The company has raised approximately $16 million to date, and Lumikai Fund and WaterBridge have supported it since its initial funding.
The platform, which was created by Saurabh Pandey and Akshay Dubey, offers traditional games like tambola, antakshari, and musical chairs in live formats with creators hosting competitions for their fanbase. According to the company, more than 1,000 live streams are performed daily across more than 50 live game and entertainment categories.
Eloelo recently announced that it has 20 million users on the platform and is on track to reach 50 million users by the end of 2023. Eloelo is available in more than six different languages.
Sources claim that Eloelo is raising the new capital at a $100 million pre-money valuation. According to media reports, the company was valued at $60 million during the previous round.
“The terms of the deal have been finalized and if nothing goes south from here the transaction will be materialized in a few weeks,” said the person quoted above.
Eloelo, Lumikai, and WaterBridge did not immediately respond to any inquiries. If they respond, we will update the story.
Eloelo has not yet submitted its FY23 financial report, but in FY22, the company reported minimal revenue and a loss of Rs 9.74 crore. However, it asserts that in the most recent fiscal year, growth was over 500% annually.
Along with others, it is in competition with Chingari, ShareChat, and Bolo Live.
