Eloelo, a leading live social entertainment platform, has successfully raised $13.5 million (Rs 114.3 crore) in its Series B funding round. The round was spearheaded by Play Ventures, with other notable investors including Kalaari Capital, MIXI Investments, Gameskraft Technologies, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures, and Rocket Capital.
The funds raised will fuel Eloelo’s ambitious plans for market expansion, the enhancement of its product features, and the achievement of a $60 million annual revenue run rate by the end of 2025. Additionally, the platform intends to invest in AI-powered tools to help creators and explore growth opportunities in international markets, particularly focusing on Indian diaspora communities.
Founded in July 2020 by Saurabh Pandey, Eloelo offers a dynamic platform where creators can host interactive video and audio live streams in various Indian languages. Creators can monetize their content through micropayments and virtual gifting, fostering a diverse and inclusive environment for both creators and users.
Eloelo’s rise has been remarkable. Having already raised over $50 million, the platform has generated a strong revenue run rate of $23 million (Rs 200 crore) annually and boasts 1.5 million paying users. With a growing base of over 90 million total users, Eloelo supports more than 20,000 creators. The platform offers content in eight Indian languages, blending live streaming, gaming, and social engagement in a highly interactive experience.
While Eloelo faces competition from platforms like ShareChat, Frnd, and Lokal, which are expanding into live and casual gaming, Eloelo has carved out a unique niche in the creator economy by combining live streaming with gaming and social features. Platforms like Loco, Rooter, and Turnip dominate the gaming segment, while Eloelo stands out with its emphasis on a diverse range of interactive content.
Looking forward, Eloelo plans to enhance its technology stack and global outreach, ensuring it stays at the forefront of the social entertainment space. As the platform prepares for its next phase of growth, it is poised to make a significant impact in both the Indian and global markets.
Eloelo’s success story is one to watch as it continues to innovate and expand in the fast-evolving world of social entertainment and live streaming.
