Exclusive: Eloelo kicks off Series B round with $13 Mn

Social gaming and live streaming platform Eloelo is raising Rs 114 crore (approximately $13 million) in its Series B round led by Play Ventures Investments with the participation of Gameskarft Technologies, Kalaari Capital, WestBridge Capital and others.

The board Eloelo has passed a special resolution to issue 1,696 Series B compulsory convertible preferred shares at an issue price of Rs 6,73,997 each to raise Rs 114 crore or $13 million, its regulatory filing accessed from the Registrar of Companies shows.

Play Ventures is leading the round with Rs 34.7 crore while Gameskraft Technologies, WestBridge Capital and Kalari Capital will invest Rs 21.7 crore, 8.7 crore and 13 crore respectively. Countryside Ventures, Rocket Capital, MIXI Global and Veenita and Vinay Mittal will inject the round of the amount in the company.

The company has raised over $50 million to date, including its $22 million pre-series B round co-led by Courtside Ventures and Griffin Gaming Partners. According to Entrackr’s estimates, the company will be at around Rs 1,026 crore or $121 million post-allotment.

Following the fresh proceeds, Play Ventures will hold 3.38% while Countryside Ventures, Gameskraft, and Kalaari Capital will hold 4.46%, 2.12%, and 6.35% respectively.

See TheKredible for the complete shareholding pattern.

Founded by Saurabh Pandey and Akshay Dubey, Eloelo brings native activities like tambola, antakshari, and musical chairs in live formats with creators hosting games for their community of fans. The company claims that it has more than 50 live games and entertainment categories, and over 1,000 live streams are being done every day.

The company remained in its pre-revenue stage during the fiscal year ended 2024. At the same time, the losses for the Kalaari-backed company spiked over 2X to Rs 99 crore.

India’s social gaming and live streaming space is rapidly evolving, with platforms like Loco, Rooter, and Turnip leading in gaming, while Chingari, ShareChat, and Bolo Live expand into live and casual gaming to deepen engagement. The lines between content, gaming, and community are increasingly blurring, shaping a new era of digital entertainment.