Eloelo Secures $13.5 Million in Series B Funding
Eloelo, a prominent live social entertainment platform, has successfully garnered $13.5 million (Rs 114.3 crore) in its Series B funding round, spearheaded by Play Ventures. Other notable investors participating in this round include Kalaari Capital, MIXI Investments, Gameskraft Technologies, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures, and Rocket Capital.
The current round of funding has been exclusively reported by Startup Superb. The capital raised will be allocated towards expansion into new markets, enhancement of product features, and achieving a target of a $60 million annual revenue run rate by the end of 2025. Furthermore, Eloelo plans to invest in AI tools designed for creators and explore opportunities for international growth within Indian diaspora markets.
About Eloelo
Established in July 2020 by Saurabh Pandey, Eloelo empowers creators by allowing them to host interactive video and audio live streams in various Indian languages, with monetisation facilitated through micropayments and virtual gifting.
Financial Progress and User Engagement
Eloelo has successfully raised over $50 million to date. The platform initiated monetisation in May 2024 and currently boasts an annual revenue run rate of $23 million (Rs 200 crore), supported by 1.5 million paying users. It proudly serves over 20,000 creators and reports a user base exceeding 90 million.
According to various reports, the company was in its pre-revenue phase during the fiscal year that concluded in 2024. During this period, losses for the Kalaari-backed enterprise surged over twofold to Rs 99 crore.
Platform Features and Competitive Landscape
Eloelo operates in eight languages and offers a unique blend of features that encompass live streaming, gaming, and social engagement. It faces competition from platforms like Sharechat, Frnd, and Lokal. In the gaming sector, competitors such as Loco, Rooter, and Turnip are taking lead, while Chingari, ShareChat, and Bolo Live are venturing into live and casual gaming to enhance user engagement.