Social entertainment platform Eloelo raises Rs 114 crore in funding

Eloelo, a fast-growing live social entertainment platform built around interactive livestreams and real-time community engagement, has raised Rs 114.3 crore (approximately $13.5 million) in a Series B funding round led by Singapore-based Play Ventures.

The round also saw participation from existing backers Kalaari Capital, MIXI Investments, Gameskraft Technologies, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures, and Rocket Capital.

With this round, the Bengaluru-based startup has raised over $50 million to date and now aims to expand aggressively into Indian diaspora markets, bolster its AI-driven creator tools, and target an annual revenue run rate (ARR) of $60 million by the end of 2025.

What does Eloelo do?

Founded in July 2020 by Saurabh Pandey and Akshay Kumar Dubey, Eloelo integrates live video and audio streaming with gamified features, chat rooms, creator utilities, and virtual gifting—a monetisation model that has enabled more than 20,000 creators to earn income on the platform.

Notably, the startup remains ad-free and subscription-free, generating revenue entirely through micropayments and digital gifts.

"Eloelo is bringing the 'Social' back in consumer social platforms at a time when most are built for passive content viewing," said Saurabh Pandey, Co-founder and CEO.

"We're solving the core human need for belonging by connecting Indians across eight languages through interactive live streams, games, chat, and virtual gifting. With close to 400 million aspirational middle India consumers, we see a massive underserved market that demands India-first solutions."

Financial performance

Since enabling monetisation in May 2024, Eloelo claims to have achieved a $23 million ARR with 1.5 million paying users, underscoring its early traction in a category that is witnessing a convergence of content, commerce, and community.

The platform is currently available in eight Indian languages and claims to have built a creator network of over 150,000, catering to a user base of 90 million. 

"Next-generation social platforms built natively for mobile-first and video-first communities remain a massively untapped opportunity," said Anton Backman, Partner at Play Ventures.

"Eloelo is pioneering a new category of interactive social entertainment that blends live streaming, gamification, and cultural expression in a scalable way."

The startup aims to become the "Digital Third Place for Bharat" — a virtual space for interaction, entertainment, and self-expression.