Eloelo raises $22 Million in Pre-Series B round From Courtside Ventures and Others

Updated on: 21 September 2023 11:13 pm

The start-up extended its operations in multiple countries like Vietnam, the Philippines, Indonesia and the US by setting up subsidiaries

Lentra Raises $27 Million In Extended Series B Round Photo: The start-up extended its operations in multiple countries like Vietnam, the Philippines, Indonesia and the US by setting up subsidiaries

Eloelo, an entertainment and social gaming platform has raised $22 Million in its pre-series B round. The round was jointly led by Courtside Ventures and Griffin Gaming Partners, joined by MIXI Inc. along with existing backers Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Conviviality Ventures, and Rocket Capital investing in the round.

With this fresh capital infusion, the start-up has now raised a total of $37.5 million. The company said that the funds will be dedicated to forging partnerships with creators, developing innovative tools across AI and AR for them, attracting a broader pool of tech and product talent, and strengthening revenue generation and monetisation initiatives. The round comes 14 months after its Series A round of $13 million in June 2022.

Eloelo claims that it is among the 3 apps in India on the Google Play Store in the entertainment category. The platform has over 37 million users and 120 thousand creators.

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Saurabh Pandey, CEO and founder of Eloelo said, “Eloelo wants to be a “party in your pocket”, where users are not just watching a livestream but are part of the experience. Social Media is supposed to help you belong but most alternatives let you consume content solitarily. We are pioneering a new category of live social entertainment– almost like a ‘Digital Third Place’ where young Indians are always connected. Our growth of 400 per cent Y-o-Y showcases the love users have given the product. This fundraises in such a testing macro environment further enforces the belief our investors have in our vision”.

“At Griffin, we’re inspired by India's rapidly evolving market landscape, led by innovative companies like Eloelo. Through the magic of gamification, Eloelo is transforming live streams into captivating experiences that translate to deep audience engagement. The platform has attracted a vast community of content creators, driving its growth to nearly 40 million users — a striking testament to the potential ahead for Eloelo”, said Nick Tuosto, managing director and co-founder of Griffin Gaming Partners.

The App is live in 6 languages and aims to add many more in the next few months seeing the adoption from Tier 2, and 3 audiences. It uses a blend of AI and manual content moderation to maintain a secure environment for all users.