Eloelo raises $13.5 Mn in Series B round led by Play Ventures

Eloelo, a live social entertainment platform, has raised $13.5 million (Rs 114.3 crore) in its Series B funding round led by Play Ventures. 

Other investors include Kalaari Capital, MIXI Investments, Gameskraft Technologies, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures, and Rocket Capital.

Entrackr exclusively reported the current round recently. 

The proceeds will be used to expand into new markets, enhance product features, and target a $60 million annual revenue run rate by the end of 2025. 

The platform will also invest in AI tools for creators and explore international expansion in Indian diaspora markets. 

Founded in July 2020 by Saurabh Pandey, Eloelo allows creators to host interactive video and audio live streams in multiple Indian languages and monetize through micropayments and virtual gifting.

Eloelo has raised over $50 million to date. It began monetization in May 2024 and currently has a $23 million (Rs 200 crore) annual revenue run rate with 1.5 million paying users. The platform supports over 20,000 creators and claims more than 90 million users.

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

Eloelo operates in eight languages and offers features combining live streaming, gaming, and social engagement.

It competes with platforms such as Sharechat, Frnd, and Lokal. Loco, Rooter, and Turnip are leading in gaming, while Chingari, ShareChat, and Bolo Live are expanding into live and casual gaming to deepen engagement.