[Funding alert] Live video startup Eloelo raises $13M in Series A led by KB Investments, Kalaari Capital, others
Bengaluru-based homegrown live video streaming platform WaterBridge Ventures and Lumikai Fund. Convivialité Ventures and Rocket Capital also participated in the round.on Thursday said it raised $13 million in a Series A round led by KB Investments, , along with existing investors
This is Eloelo's second successive funding round in less than a year. It had earlier raised $16 million.
The startup will use the capital to scale up its tech, product, and content teams, along with fostering new partnerships with creators, helping them reach millions of users.
Saurabh Pandey, Co-founder and CEO, Eloelo, said,
“Creators want to cultivate deep authentic relationships with their fans, and Eloelo lets them imagine completely new interactive live experiences to engage fans. We have been growing at 40 percent MoM with a vision to build the future of interactive entertainment. Our Series A fundraise demonstrates the belief our current and new investors have in what we are building and enables us to take bolder bets to shape the creator economy for Bharat.''
Founded in August 2020 by ex-executives Saurabh Pandey and Akshay Dubey, claims to have crossed over 3.5 million users and 40,000 creators on its platform. The startup wants to build the future of creator-fan engagement, where creators host live video rooms, build interactive communities, and monetise directly from fans.
Vani Kola, Managing Director, Kalaari Capital, said,
“There is an entire generation of first-time internet users who are now able to build a direct channel to their fans to sell their unique products and offerings. Deeper relationships will be built between creators and their fans, powered by the emergence of an entire ecosystem of tools and platforms that enable this shift. Eloelo is enabling these creators with the perfect blend of social games and interactivity with live streaming.”
Eloelo aims to bring in innovative means of live interactions, enabling creators to monetise from their superfans. The startup is also exploring use cases of NFTs for its top creators.
“We remain very excited to back Saurabh, Akshay, and the Eloelo team, who continue to push the boundaries of live, interactive, and creator-led live streaming. Their product-led thinking and deep user insights enables them to drive strong user engagement, retention, and creator monetisation by innovatively leveraging the power of live "lean forward" formats of entertainment,” added Salone Sehgal, General Partner at Lumikai Fund.