EloElo Group Raises $80 Million in Series C Led by Hornbill Capital, NBCUniversal
EloElo Group, the Bengaluru-based consumer entertainment and artificial intelligence (AI) company behind micro-drama platform Story TV, has raised $80 million in a Series C funding round led by Hornbill Capital and NBCUniversal. The company plans to use the capital to expand its original content slate, enter international markets and invest further in its AI-powered creative suite, Dolphin AI.
The round also saw participation from MIT Investment Co. and existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners, among others. The funding takes EloElo’s total capital raised to $130 million.
Founded in 2020 by former Flipkart executive Saurabh Pandey, EloElo operates Story TV, a mobile-first platform for short episodic dramas. The company said Story TV has more than 5,000 micro dramas across six languages, with a new drama released every three hours. Users spend an average of 95 minutes on the platform each day, according to the company.
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