Social gaming and live streaming platform Eloelo recently closed a $22 million pre-Series B round co-led by Courtside Ventures and Griffin Gaming Partners. The three-year-old startup helps gaming creators amplify and monetize their modules amongst potential users. Eloelo’s recent round made headlines but it did not provide details.
TheKredible has decoded Eloelo’s latest financing round.
The board at Eloelo has passed a special resolution to issue 2,976 pre-series B preference shares at an issue price of Rs 6,13,575 per share each to raise Rs 182.6 crore or $22 million, according to its regulatory filings with the MCA.
WaterBridge Ventures invested Rs 44 crore while Courtside Ventures, Griffin Gaming Partners, and Kalaari Capital infused Rs 33.19 crore, Rs 29 crore, and Rs 24.9 crore, respectively. Japanese fund Mixi Inc., Lumikai Fund, Rocket Capital, and Pernod Ricard also participated in the round.
A full chart of round breakup can be seen below:
The startup has raised over $37 million to date and as per TheKredible’s estimates, it has been valued at around $100 million.
Following the fresh fund flow, WaterBridge has become the largest external shareholder in Eloelo with 20.6% followed by Lumikai, Kalaari Capital, and Taura & Co. Its co-founders Saurabh Pandey along with Akshay Dubey collectively command 22.63% of the company. Head to startup data intelligence platform TheKredible to see Eloelo’s ownership structure.
The platform brings native activities like tambola, antakshari and musical chairs in live formats with creators hosting games for their fans. The company claims that it has more than 50 live games across six languages and entertainment categories.
Eloelo directly or indirectly competes with Chingari, ShareChat, and Bolo Live, among others.
