The vibrant landscape of social entertainment in India is witnessing a significant surge, and at the forefront of this exciting evolution is Eloelo. This fast-growing live social entertainment platform, built around engaging interactive livestreams and real-time community interaction, has recently announced a substantial Rs 114.3 crore (approximately $13.5 million) in a Series B funding round. This significant investment, led by Singapore-based Play Ventures, underscores the immense potential and traction Eloelo has garnered in a short span.
The funding round also saw strong participation from existing investors, including Kalaari Capital, MIXI Investments, Gameskraft Technologies, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures, and Rocket Capital. This continued faith from its backers, combined with the addition of a new strategic investor like Play Ventures, propels Eloelo’s total funding to over $50 million to date.
With this fresh capital injection, the Bengaluru-based startup has ambitious plans for the future. Their primary focus will be on aggressive expansion into Indian diaspora markets, recognizing the global appeal of their India-centric platform. Furthermore, Eloelo aims to bolster its AI-driven creator tools, empowering its growing community of content creators with cutting-edge technology to enhance their engagement and reach. A key financial target for the company is achieving an impressivannual revenue run rate (ARR) of $60 million by the end of 2025.
What Makes Eloelo Stand Out?
Founded in July 2020 by the visionary duo of Saurabh Pandey and Akshay Kumar Dubey, Eloelo has carved a unique niche in the social media space. Unlike platforms primarily focused on passive content consumption, Eloelo actively fosters interaction through the seamless integration of live video and audio streaming with engaging gamified features.
The platform offers a rich ecosystem that includes chat rooms, a suite of creator utilities, and a thriving virtual gifting system. This innovative monetization model, relying entirely on micropayments and digital gifts, has proven successful, enabling more than 20,000 creators to earn income directly through the platform. Notably, Eloelo remains ad-free and subscription-free, prioritizing a seamless and engaging user experience.
Co-founder and CEO Saurabh Pandey aptly describes Eloelo’s mission: “Eloelo is bringing the ‘Social’ back in consumer social platforms at a time when most are built for passive content viewing. We’re solving the core human need for belonging by connecting Indians across eight languages through interactive live streams, games, chat, and virtual gifting. With close to 400 million aspirational middle India consumers, we see a massive underserved market that demands India-first solutions.”
Impressive Growth and Future Potential
Eloelo’s financial performance speaks volumes about its early success. Since introducing monetization in May 2024, the platform claims to have achieved a remarkable $23 million ARR with 1.5 million paying users. This early traction highlights the strong demand for its unique blend of content, commerce, and community.
Currently available in eight Indian languages, Eloelo boasts a rapidly expanding creator network of over 150,000, catering to a substantial user base of 90 million. This impressive reach underscores its ability to connect with a diverse and engaged audience across the country.
Anton Backman, Partner at Play Ventures, recognizes Eloelo’s pioneering spirit: “Next-generation social platforms built natively for mobile-first and video-first communities remain a massively untapped opportunity. Eloelo is pioneering a new category of interactive social entertainment that blends live streaming, gamification, and cultural expression in a scalable way.”
Looking ahead, Eloelo’s ambition is to become the “Digital Third Place for Bharat” – a virtual space where users can interact, find entertainment, and express themselves freely. With its recent funding and clear strategic vision, Eloelo is well-positioned to revolutionize the social entertainment landscape in India and beyond, fostering genuine connections and empowering a new generation of digital creators.
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It’s exciting to see a homegrown platform like Eloelo take a community-first approach to social entertainment. Their focus on the Indian diaspora is a smart move, especially with the cultural resonance of their content abroad.
It’s exciting to see platforms like Eloelo growing rapidly and finding success in the social entertainment space. Their focus on the Indian diaspora and AI-driven tools for creators seems like a smart move to scale. Will be interesting to see how they balance community engagement with their expansion goals.