Eloelo will be launching NFTs as they look to empower entertainers to build their communities & offer social tokens that unlock exclusive fan access to a creator
Saurabh Pandey, the CEO and founder of India's 1st Creator-led Live Social Gaming App EloElo which has been creating quite a storm. He is a 1st generation entrepreneur, coming from a humble middle class background. Leadership, however, is something that comes naturally to him given that he was among the youngest in eCommerce giant Flipkart to lead a category. Saurabh is a creator-preneur who is determined to make this world a better place, one content creator at a time. He used to manage his mother's Youtube channel & also did stand-up comedy in his free time, so he knew first hand the challenges that Creators go through. He's a firm believer in Live streaming as the new social language & wants to enable creators to form direct relationships with their fans which can unlock monetization and community building. Saurabh and his team envision Eloelo as an app that would give creators financial freedom as they pursue their passion and establish authentic connections over livestreams with their audience. They are building the future of Interactive entertainment by blending indigenous games like Tambola, Dumbcharades, Chidiya Udd that are played inside a livestream hosted by Creators.
Eloelo is tapping into 3 emerging trends -
1. The need for alternate source of revenue as well as means of engagement for creators,
2. Rise of gaming as a means to socialize & connect,
3. Increasing popularity of live streaming & in-app purchases. EloElo uses first-of-its- kind technology to
embed games inside a live video chat room, thus making it stand apart from other live streaming platforms.
The company has built & launched 12 in-house proprietary games till date and plans to launch more tools to make it the best experience for Creators to host interactive livestreams. Eloelo's rising popularity is reflected not just through it's 2.5 million users in 1 year but more importantly through 1.2 Million MAUs on the App and 50x Monthly Active User (MAU) growth in the last 9 months. EloElo's users spend over 30 Mins on an average with Power users (of which 50% are Females) spending as high as 75 mins daily.
"We Combine Live Streams with culturally popular games to make it the best interactive, participative experience – much like a Live TV. In July 2021, we raised $2.1 million in a pre-Series A funding round that was co-led by Waterbridge Ventures, Better Capital, and Lumikai Fund. There has been a lot of inbound interest in what we are building and how quickly we are scaling. So we are currently in talks to raise a Series A round with existing and new incoming investors" says Saurabh.
As a Livestreaming & Gaming app, Covid opened up a lot of use cases for the company as the need for socializing went up further. The pandemic confined people to their homes, and they began searching for ways to be engaged beyond traditional social media, which is where Eloelo has worked well. One of the biggest highs for Saurabh in his journey has been building a strong core team of 40 hustlers at Eloelo.They also were recently chosen as one of the 16 homegrown startups out of 700 Applications by Google as part of its Accelerator program.
Saurabh gave us a sneak peak into the company's monetization plans with the ambition of aiding digital
livelihood for 1 Mn+ creators in the next 5 years. Aside from gifting & ticketed live events, Eloelo will also be launching NFTs as they look to empower entertainers to build their communities & offer social tokens that unlock exclusive fan access to a Creator. The company intends to start fullfledged monetization in Q2 of 2022. The immediate focus is on rapid growth as they expect Eloelo to hit 10 Million Users & 100K Creators on the App in the next few months. With an exciting product & 30%+ MoM growth, Eloelo aims to generate meaningful income for Creators & be the #1 Live Entertainment Platform for Bharat in the months to come.