Eloelo raises $13.2 million in Series B for its multilingual live social entertainment platform
The fresh infusion of Series B capital will enable Eloelo to go deeper into gen-AI use cases, international expansion in Indian diaspora markets and scaling revenue further with more use cases as it aims to build a large media & entertainment powerhouse.
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06:31 PM IST
Eloelo, India’s leading live social entertainment platform, has raised Rs 114.3 crore ($13.2 million) in its Series B round of funding, according to an official statement.
The fresh funding round was led by Play Ventures and saw participation from Kalaari Capital, MIXI Investments, Gameskraft Technologies, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures & Rocket Capital, the company said.
The fresh infusion of Series B capital will enable Eloelo to go deeper into gen-AI use cases, international expansion in Indian diaspora markets and scaling revenue further with more use cases as it aims to build a large media & entertainment powerhouse.
"We're seeing the convergence of creator-led content, real-time community engagement, and gamified social experiences reshaping how digital natives connect and express themselves. We believe Eloelo is at the forefront of this shift, bridging live streaming, gaming and culture in a way that’s uniquely local and globally scalable. As verticalised platforms continue to unbundle legacy social media, we see Eloelo carving out a powerful new category in the social entertainment landscape," said Anton Backman, Partner at Play Ventures.
Eloelo is pioneering a new-age consumer social platform to become the ‘Digital Third Place for Bharat’ by blending interactive live streams with gamification & micro payments. The platform enables creators to host interactive video and audio livestreams in their local languages using AI-led tools to build a community, engage & monetize directly from their audiences.
To date, Eloelo has raised over $50 million in funding, including a $22 million round in September 2023 led by Courtside Ventures and Griffin Gaming Partners. Eloelo competes directly or indirectly with other platforms like Sharechat, Frnd, Lokal in the live streaming & social entertainment space.
Incorporated in July 2020, Eloelo is a unique leader in the Live Social Entertainment space by combining interactive live streams with games, chat & creator tools. It is tailored to the communication preferences of young Indians in video and audio formats, in various Indian languages, and ranked at the top in the Entertainment category on Google Play Store, fostering connections among over 90 million users and 150,000+ creators.
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