Social gaming & live streaming platform Eloelo raised $22 M Pre-series B funding
Eloelo, a platform for social gaming and live streaming, has raised $22 million in a pre-Series B round. Along with existing backers Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures, and Rocket Capital, the round was co-led by Courtside Ventures and Griffin Gaming Partners. MIXI Inc. also participated.
The round occurs in June 2022, 13 months after the $13 million Series A round.
According to a statement from the company, Eloelo will use the funding to strengthen revenue generation initiatives, develop innovative tools, partner with more creators, and recruit more tech and product talent.
Eloelo, which was founded 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. More than 1,000 live streams are allegedly performed daily across more than 50 live game and entertainment categories, according to the company.
With the adoption of tier II and tier III audiences, the app is currently available in six languages with plans to add more in the coming months.
According to the platform, there are over 120,000 creators and over 37 million users. By the end of 2023, Eloelo anticipates having 50 million users.
Chingari, ShareChat, and Bolo Live, among others, are competitors of Eloelo either directly or indirectly.
