Social gaming co Eloelo to raise Rs 114 Cr from Play Ventures, Kalaari Capital, others
Social gaming and live entertainment company Eloelo will use the newly raised funds to expand its business and to meet working capital demands.
Eloelo is set to raise Rs 114 crore in a Series B funding round led by Play Ventures, Gameskraft Technologies, WestBridge Ventures, and Kalaari Capital, among others.
The social gaming and live entertainment startup will use the newly raised funds to expand its business operations, meet its working capital requirements, and maintain its balance sheet strength, according to a Registrar of Companies (RoC) filing.
According to the notice, the company proposed to offer and issue 1,696 Series B compulsorily convertible, cumulative, non-redeemable preference shares of face value of Rs 100 each at an issue price of Rs 6,73,997 apiece.
Following the fundraise, Play Venture will hold a 3.38% stake in the company, with Kalaari Capital holding 6.35%, Gameskraft holding 2.12%, and WestBridge holding a 16.53% stake.
The Bengaluru-based company previously raised $22 million in a pre-Series B funding round in September 2023, which saw participation from Lumikai, Kalaari Capital, and Courtside Ventures.
According to Tracxn, the company has a post-money valuation of $99.7 million as of October 2023.
The Sequoia-backed company reported a revenue of Rs 4.8 crore in FY24, compared with Rs 2.1 crore earned in the previous year. However, the firm also reported widening losses of Rs 99.1 crore in FY24, compared with Rs 43.4 crore in the previous fiscal year.
India’s creator economy is burgeoning with a young, digital-savvy population harnessing the widespread internet access and online trends.
Eloelo was founded in 2020 by Saurabh Pandey and Akshay Kumar Dubey. The app recently crossed the 85 million user mark on Google Play Store.
Edited by Kanishk Singh