NBCUniversal and India-focused investment firm Hornbill Capital have co-led an $80 million Series C funding round for EloElo Group, the Bengaluru-based parent company of microdrama platform Story TV. The raise brings EloElo’s total funding to $130 million.
MIT Investment Co. joined the round, along with existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners, among others. Avendus Capital acted as the sole financial advisor. EloElo was founded in 2020 by CEO Saurabh Pandey, a former Flipkart executive.
Story TV offers more than 5,000 microdramas in six languages and adds a new title every three hours. The company says users spend an average of 95 minutes per day on the app. EloElo also operates microlearning app Master, AI companion Voxy AI and Dolphin AI, an AI creative suite recently introduced at the FICCI Frames conference.
Across its apps, the group has more than 40 million monthly active users and over 300 million installs. EloElo says its revenue multiplied over the past year. It plans to use the new funding for original programming in local languages, an overseas launch for its microdramas and further development of Dolphin AI, among other projects.
NBCUniversal executive vice president of corporate strategy and development Deepak Arya said the company sees potential in mobile-first storytelling and microdramas, and expects to contribute its global capabilities as EloElo expands beyond India, including into the U.S. market. Hornbill Capital founder and managing partner Manoj Thakur said EloElo combines creative capabilities with technology that can scale content.
Sources: Variety.