Live social entertainment platform Eloelo has raised $22 Mn in its pre-Series B round led by Courtside Ventures and Griffin Gaming Partners.
The funding round also saw participation from Japanese mobile entertainment company MIXI, which recently launched a $50 Mn corporate venture capital (CVC) fund in India.
In addition, existing investors such as Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures and Rocket Capital also participated in the round.
Founded in 2020 by Saurabh Pandey and Akshay Dubey, Eloelo is a live social entertainment platform that combines audio and video live chat rooms with interactive games and builds IPs around these offerings. It serves as a digital gathering space where users come together to unwind, interact, and have fun.
Deepening Content Partnerships
Talking about the fundraise, Eloelo founder and CEO Pandey told Inc42 the startup will utilise the funding to onboard more creators and develop tools for them, hire for tech and product teams, and partnerships.
Pandey said the platform currently has approximately 3.7 Cr users and 1,20,000 creators. The platform has professionally-generated content (PGC) as well as user-generated content (UGC).
“In essence, what we are doing here is pioneering a new category called live social entertainment…it is a unique space, especially in India. For creators, it offers a fantastic opportunity to engage with a clean family audience, build their shows, host game shows, and chat about various topics using our filters and features,” he said.
“We’ve experienced remarkable growth in our creator base, going from about 28,000 to 30,000 creators last year to now crossing 120,000. By the end of this financial year, we anticipate surpassing 200,000 creators on our platform,” Pandey added.
The startup also plans to develop cutting-edge tools such as AR filters, AI-based moderation, and analytics to improve the engagement and watch time of these creators’ content, making live streaming more fun and gamified.
Eloelo, which currently has a team of around 100 people, is now looking to strengthen its core team by hiring more talent in the tech and product departments.
The capital raise will also support efforts to establish deeper partnerships on the revenue side and expand the user base. Eloelo is looking to launch more IPs and foster collaborations that will contribute to the platform’s growth, Pandey said.
Monetisation & Growth Plans
Talking about the monetisation strategy, Pandey said users have the option to show appreciation for their favourite creators by sending them gifts and tips through virtual coins on the platform.
The games and game shows on the platform, featuring elements like game hints, boosters, and lifelines, provide an additional avenue for monetisation. The startup is also developing monetisation strategies around group calls, which are a big hit with the users, he added.
Most of the users of the platform are in the 20-27 years age group. While the app is open to anyone aged 12 and above, the primary target audience is the 22-27 age range, Pandey said.
Currently, non-metro users account for 75-80% of Eloelo’s user base. The app has significant presence in Lucknow, Gujarat, Patna, and West Bengal, Pandey said, adding it is also seeing good traction in some metro cities such as Delhi and Bengaluru.
Eloelo competes with the likes of Tamasha, ShareChat, Instagram and Facebook. Last year, it raised $13 Mn in its Series A round led by KB Investments and Kalaari Capital.
As per a report, the global live streaming market was valued $7.43 Bn in 2022 and is expected to grow at a CAGR of 27% during 2023-2029 to reach a size of $252.76 Bn.
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