Highlights
Eloelo Raises Rs 114 Crore in Series B Funding
Social gaming and live streaming platform Eloelo is set to raise Rs 114 crore (around $13 million) in its Series B funding round. The round is primarily led by Play Ventures Investments, with notable participation from Gameskraft Technologies, Kalaari Capital, WestBridge Capital, among others.
Details of the Funding Round
The board of Eloelo has approved a special resolution to issue 1,696 Series B compulsory convertible preferred shares at a price of Rs 6,73,997 each, aiming to gather Rs 114 crore or $13 million, as per its regulatory filing from the Registrar of Companies.
Play Ventures is taking the lead in this funding round with an investment of Rs 34.7 crore. Meanwhile, Gameskraft Technologies, WestBridge Capital, and Kalaari Capital will contribute Rs 21.7 crore, Rs 8.7 crore, and Rs 13 crore respectively. Additional funding will be provided by Countryside Ventures, Rocket Capital, MIXI Global, and Veenita and Vinay Mittal.
Previous Funding Achievements
Eloelo has successfully raised over $50 million so far, including a noteworthy $22 million pre-series B round, co-led by Courtside Ventures and Griffin Gaming Partners. According to estimates from Startup Superb, the valuation of the company is expected to reach around Rs 1,026 crore or $121 million post-allotment.
Following this new round of funding, Play Ventures will possess 3.38% of Eloelo, while Countryside Ventures, Gameskraft, and Kalaari Capital will hold 4.46%, 2.12%, and 6.35% respectively. For a comprehensive shareholding breakdown, various sources should be consulted.
About Eloelo
Eloelo, founded by Saurabh Pandey and Akshay Dubey, offers unique native activities such as tambola, antakshari, and musical chairs in live formats, with various creators hosting games for their fan communities. The platform boasts over 50 live games and entertainment categories, with more than 1,000 live streams occurring daily.
Trends in India’s Social Gaming and Live Streaming Landscape
The social gaming and live streaming arena in India is rapidly progressing, with platforms like Loco, Rooter, and Turnip taking charge in the gaming segment, while Chingari, ShareChat, and Bolo Live are also venturing into live and casual gaming to foster deeper engagement. The boundaries between content creation, gaming, and community interaction are increasingly merging, ushering in a new phase of digital entertainment.
