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Saurabh Pandey
Creator-led social gaming platform and live streaming platform Eloelo has raised $22 million in a pre-Series B funding round led by Courtside Ventures and Griffin Gaming Partners as joint leaders, along with contributions from MIXI Inc.
Existing backers, including Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures, and Rocket Capital also participated in the round.
This infusion of capital, which brings Eloelo's total funding to $37.5 million, aims to revolutionize the live entertainment landscape in India.
How will Eloelo utilize the raised funding
The round, which brings its total funding amount to $37.5 million, will help the startup to forge partnerships with creators, develop innovative tools across AI & AR, attract a broader pool of tech and product talent, and strengthen revenue generation and monetisation initiatives, the release said.
Saurabh Pandey, the CEO and Founder of Eloelo, emphasized the platform's vision to be a "party in your pocket", where users are actively involved in the experience rather than being mere spectators. He highlighted the platform's remarkable 400% Y-o-Y growth and the trust and belief investors have in their vision.
What does Eloelo do?
Founded in August 2020 by former Flipkart executives Saurabh Pandey and Akshay Dubey, Eloelo operates an online social gaming and live entertainment platform that allows creators to host live video and audio rooms, build interactive communities and monetise directly from fans through virtual gifts that can be converted into physical money.
The startup claims to have over 37 million users and 120,000 creators. It is also launching various ways for creators to generate revenue, including gifting inside chatrooms, participation in group audio calls, and hosting game shows.
Kai Bond, Partner at Courtside Ventures, said, "Courtside is thrilled to co-lead the investment in Eloelo alongside Griffin Gaming Partners. Eloelo is pioneering a new form of entertainment in India. Through a unique combination of game participation within live streaming, they are building the next generation of social networking that enables true interactivity within their community."
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