Get All Access for $5/mo

Eloelo Raises $22 Million In Pre-Series B Funding The funding will be used to partner with more creators and develop new tools for them, attract more talent across tech and product, and bolster monetization efforts

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

Eloelo, a live entertainment and social gaming platform, has raised $22 million in its pre-Series B funding round led by Courtside Ventures and Griffin Gaming Partners, joined by MIXI Inc along with existing backers Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures and Rocket Capital investing in the round. The funds raised will be utilized to forge partnerships with creators, develop innovative tools across AI and AR for them, attract a broader pool of tech and product talent, and strengthen revenue generation and monetisation initiatives.

"Eloelo wants to be a "party in your pocket", where users are not just watching a livestream but are part of the experience. Social Media is supposed to help you belong but most alternatives let you consume content solitarily. We are pioneering a new category of Live Social Entertainment– almost like a 'Digital Third Place' where young Indians are always connected. This fundraise in such a testing macro environment further enforces the belief our investors have in our vision," said Saurabh Pandey, CEO and founder, Eloelo.

According to an official statement, the App is live in 6 languages and aims to add many more in the next few months seeing the adoption from tier 2, 3 audiences. It said to use a blend of AI and manual content moderation to maintain a secure environment for all users.

"At Griffin, we're inspired by India's rapidly evolving market landscape, led by innovative companies like Eloelo. Through the magic of gamification, Eloelo is transforming livestreams into captivating experiences that translate to deep audience engagement. The platform has attracted a vast community of content creators, driving its growth to nearly 40 million users — a striking testament to the potential ahead for Eloelo," said Nick Tuosto, managing director and co-founder, Griffin Gaming Partners.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

Homeowners in These 10 States Pay the Most in 'Hidden' Upkeep Costs

Hidden home costs pile on top of mortgage payments.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.

Business News

Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.

The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.

Business News

Elon Musk Threatens to Ban Employees from Using Apple Products, Says Will Lock Devices in 'Cages'

The Tesla founder sounded off on X following Apple's 2024 Worldwide Developer Conference on Monday.

Business News

Apple's AI Has a Catch — And It Could Help Boost Sales

Not every iPhone owner will get to use the new Apple Intelligence.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.