Social gaming platform Eloelo raises $2.1 Mn in pre-Series A round

Social gaming and live streaming platform Eloelo has raised $2.1 million in pre-Series A round of funding led by Waterbridge Ventures and Lumikai Fund. Better Capital and Exceed Entertainment have also participated in this round.

Eloelo will deploy the fresh proceeds towards strengthening creator tie-ups, launching new game formats and expansion, the company said in a press release.

Founded by Saurabh Pandey and Akshay Dubey, the startup brings native activities like tambola, antakshari and musical chairs in live formats with creators hosting games for their community of fans.

According to Eloelo, it has recorded a 15-fold spike in users over the past 6 months and has amassed 1 million users on the platform. It aims to take its user base to 10 million by the second half of 2022.

While WaterBridge is quite familiar with the Indian startup ecosystem, New Delhi-based Lumikai Fund has actively started backing gaming-focused startups in the past six eight months. The VC firm had backed Bombay Play in December 2020 and All-Star Games in March this year.

Most recently, Lumikai co-led a $9 million seed round along with Krafton in Mumbai-based video game streaming platform Loco.