Eloelo Raises $13 Mn In a Series A Funding Round This is the startup's second successive round in less than a year, having collectively raised around $16 million in funding so far
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Indian homegrown live video streaming platform Eloelo has raised $13 million as a part of its Series A funding round co-led by KB Investments, Kalaari Capital, along with existing investors Waterbridge Ventures and Lumikai Fund. Convivialité Ventures and Rocket Capital also participated in the round.
This is the startup's second successive round in less than a year, having collectively raised around $16 million in funding so far. The fund raised will be used to scale up the tech, product and content teams along with fostering new partnerships with creators and helping them reach millions of users, said a statement.
"Creators want to cultivate deep, authentic relationships with their fans and Eloelo lets them imagine completely new interactive live experiences to engage fans. We have been growing at 40 per cent MoM with a vision to build the future of interactive entertainment. Our Series A fundraise demonstrates the belief our current & new investors have in what we are building and enables us to take bolder bets to shape the creator economy for Bharat,'' said Saurabh Pandey, co-founder and CEO, Eloelo.
Founded in August 2020 by ex-Flipkart executives Saurabh Pandey and Akshay Dubey, Eloelo claims to have quickly crossed over 3.5 million users and 40,000 creators on its platform. The startup wants to build the future of creator-fan engagement where creators host live video rooms, build interactive communities and monetize directly from fans.
"There is an entire generation of first-time internet users who are now able to build a direct channel to their fans to sell their unique products and offerings. Deeper relationships will be built between creators and their fans, powered by the emergence of an entire ecosystem of tools and platforms that enable this shift. Eloelo is enabling these creators with the perfect blend of social games & interactivity with live streaming. We are super excited to partner with Saurabh and Akshay in this journey," said Vani Kola, managing director, Kalaari Capital.