EloElo Group Secures $80 Million in Series C Funding for Growth
Bengaluru-based consumer AI and entertainment firm EloElo Group has successfully raised $80 million in a Series C funding round, with Hornbill Capital and NBCUniversal leading the investment. This funding round also included contributions from MIT Investment Co., alongside existing investors such as Play Ventures, Kalaari Capital, Waterbridge Ventures, and Griffin Gaming Partners.
Funding Use and Company Overview
The newly acquired funds will be utilised to create original content in various languages, facilitate the international rollout of its micro drama platform Story TV, and enhance investments in Dolphin AI, its agentic AI creative suite. Established in 2020 by Saurabh Pandey, a former executive at Flipkart, EloElo Group manages Story TV, a micro drama platform, as well as Master, a micro learning platform, Dolphin AI, and Voxy AI, an interactive AI companion agent.
Story TV Features and Performance
Story TV showcases over 5,000 micro dramas in six languages, with a new drama debuting every three hours. The platform reports an impressive daily average of 95 minutes spent per user. According to the company, they maintain ownership of their content, distribution, and the AI-driven production engine that powers their entertainment offerings. EloElo Group engages more than 40 million monthly active users and has surpassed 300 million app installations.
Funding Impact and Revenue Growth
This recent funding round has escalated the company’s total capital raised to $130 million, which includes a $13.5 million Series B round conducted in April 2025. EloElo Group has noted substantial revenue growth over the last year, achieving profitable unit economics. The company began monetising its platforms in May 2024 and recorded revenue of Rs 69.5 crore in FY25, while losses have largely stabilised. Details regarding FY26 results are still pending submission.
Market Trends in Micro Dramas
Micro dramas are rapidly emerging as a dominant format within global entertainment. According to Omdia, the sector is projected to generate $14 billion worldwide by the close of 2026. In India, Redseer anticipates that 40 million individuals will have paid for a micro drama at least once in FY26. Moreover, Lumikai’s State of India Interactive Media Report indicates the market may expand to reach $4.5 billion by 2030.
Future Plans for EloElo Group
EloElo Group plans to leverage the new resources to enhance its content offerings, particularly focusing on exclusive originals, and to introduce its micro drama segment to global markets, including the US. EloElo Group’s Master competes with Seekho, which has backing from Bessemer Venture Partners and Lightspeed, raising $28 million in its Series B round last September. In the micro drama arena, Story TV faces competition from Kuku TV and ShareChat’s Quick TV. Additionally, Flipkart has entered this sector, while Pocket FM has returned with Pocket Saga after previously discontinuing Pocket TV.