Eloelo secures $13.5M in Series B funding, plans global expansion in Indian diaspora markets
The company plans to use the fresh capital to dive deeper into GenAI use cases, expansion and scaling revenue with more use cases.
Live social entertainment platform, Eloelo on Wednesday announced that it raised $13.5 million in its Series B funding round led by Play Ventures.
The round also saw participation from Kalaari Capital, MIXI Investments, Gameskraft Technologies, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures & Rocket Capital, the company said in a statement.
Eloelo plans to use the fresh funds to dive deeper into its GenAI use cases, and international expansion in Indian diaspora markets. Additionally it also plans to scale its revenue further by expanding its range of offerings with the aim to build a large media and entertainment powerhouse, the company said.
“Play Ventures believes that next-generation social platforms built natively for mobile-first and video-first communities remains a massively untapped opportunity. We’re incredibly excited to partner with the Eloelo team as they pioneer a new category of interactive social entertainment for India and beyond. We’re seeing the convergence of creator-led content, real-time community engagement, and gamified social experiences reshaping how digital natives connect and express themselves,” said Anton Backman, Partner, Play Ventures.
The platform enables creators to host interactive video and audio livestreams in their local languages using AI-led tools to build a community, engage and monetise directly from their audiences.
“We believe that feeling connected to others is a primary human need of belongingness, and we are solving that across 8 languages by connecting Indians over interactive livestreams with games, chat and virtual gifting to express their emotions. With close to 400 Million aspirational middle India consumers, we believe this is a massive underserved market which needs India-first solutions.” said Saurabh Pandey, Founder and CEO of Eloelo.
Eloelo has so far raised more than $50 million in funding, including its $22 million round in September 2023.
Edited by Jyoti Narayan