India’s EloElo has raised $80 million in a Series C round led by Hornbill Capital and NBCUniversal, as it seeks to expand its microdrama business. The funding brings the company’s total fundraising to $130 million and its valuation to $500 million.
EloElo’s Story TV is among India’s leading microdrama apps. It has more than 33 million active users, according to analysts cited in the report. The broader format reaches more than 118 million monthly viewers in India. Founded in 2020 by former Flipkart executive Saurabh Pandey, Story TV offers more than 5,000 titles in six languages. Pandey told TechCrunch that users spend an average of 95 minutes on the app each day across multiple sessions.
The company also operates the learning app Master and AI companion app Voxy AI. EloElo says its apps have more than 40 million monthly users, most of whom use Story TV. It plans to hire for its AI and machine learning research team and invest in more original titles.
EloElo is also preparing to make DolphinTV, an internal video-creation tool, more widely available. The company says it includes templates and models for creating images, audio, and video. Pandey said human creative direction remains important when using AI to develop stories.
Other investors in the round included MIT Investment Co. and existing backers Play Ventures, Kalaari Capital, Waterbridge Ventures, and Griffin Gaming Partners.
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