Eloelo raises $13 Mn in Series A round by Lumikai

Social gaming and live streaming platform Eloelo has raised $13 million in its Series A round. The round is spearheaded by Lumikai Fund, followed by KB Global Platform, WaterBridge, Kalaari Capital, Pernod Ricard India Pvt Ltd and Rocket Capital.

In July last year, the startup had raised $2.1 million in its pre-Series A round, which was led by Waterbridge Ventures and Lumikai Fund. It has raised around $16 million to date.

The company plans to use the funds raised to scale up its tech, product, and content teams along with new partnerships with creators, said Eloelo in a press release.

While the company did not provide actual break up of the funding round, Fintrackr has gone through the Bengaluru-based company’s regulatory filings to find out more. Lumikao Fund put Rs 20.07 crore, followed by KB Global, WaterBridge, Kalaari, Pernod and Rocket Capital which put Rs 19.32 crore, Rs 19.32 crore, Rs 15.46 crore, 13.87 crore and Rs 9.26 crore respectively. 

According to Fintrackr’s estimates, Eloelo has raised the new round at a post money valuation of Rs 465 crore or $60 million.

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.

Following the fresh allotment of shares, co-founders – Pandey and Dubey – have 25.89% and 19.14% stake in the company. WaterBridge is the largest stakeholder among investors with 19.44% stake followed by Lumikai which has 9.87% holding in the company.

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. The startup claims to have over 3.5 million users and 40,000 creators on its platform and it aims to take its user base to 10 million by the second half of 2022.