India’s EloElo nabs $80M from NBCUniversal to bet on the country’s rising microdrama market
More than 118 million users watch microdramas every month as the serialized format has taken off in India. EloElo’s Story TV is one of the top apps for microdramas, with over 33 million active users, according to analysts.
Banking on that scale, the company has raised $80 million in Series C from Hornbill Capital and NBCUniversal. This round brings its total fundraising to $130 million, with a valuation of $500 million.
As people spend more time on platforms hosting verticalized videos, serialized content has become popular in multiple geographies, including the U.S., China, and India, with Hollywood celebrities like Issa Rae, James Franco, and Kim Kardashian investing in and starring in the format.
Given India’s massive internet population of more than a billion and the country’s appetite for entertainment content, it presents a big market opportunity, with analysts expecting the industry to cross $3-$4 billion in annual revenue...
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