Homegrown live video streaming platform Eloelo raises $13M in a Series A round

Bengaluru-based live video streaming platform Eloelo has raised $13 million in funding to scale its technology, product, and content teams, along with fostering new partnerships with content creators.

The Series A funding round was led by KB Investments, Kalaari Capital, and existing investors WaterBridge Ventures and Lumikai Fund. Convivialité Ventures and Rocket Capital also participated in the round.

“Creators want to cultivate deep authentic relationships with their fans, and Eloelo lets them imagine completely new interactive live experiences to engage fans," said Saurabh Pandey, Co-founder & CEO, Eloelo.

Saurabh Pandey and Akshay Dubey co-founded Eloelo in 2020. Pandey, who did his MBA from Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai, worked as a category leader in Flipkart for five years. Dubey, an alumnus of IIT Kharagpur who was a senior manager at Flipkart, has also worked with the used car marketplace GoZoomo.

"We have been growing at 40% MoM with a vision to build the future of interactive entertainment. Our Series A fundraise demonstrates the belief our current and new investors have in what we are building and enables us to take bolder bets to shape the creator economy for Bharat," Saurabh adds.

Eloelo claims to have crossed over 3.5 million users and 40,000 creators on its live video streaming platform. Prior to the current round, the startup had raised $450,000 (Rs 3.35 crore) as a part of its seed funding in 2020 from early-stage venture capital firm Waterbridge Ventures.

“There is an entire generation of first-time internet users who are now able to build a direct channel to their followers. 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 a blend of social games & interactivity with live streaming,” said Vani Kola, managing director at Kalaari Capital.

Eloelo says it aims to bring in innovative means of live interactions, enabling creators to monetize and earn from their superfans. The startup is also exploring use cases of NFTs for its top creators.

"Their product-led thinking and deep user insights enables them to drive strong user engagement, retention, and creator monetisation by innovatively leveraging the power of live "lean forward" formats of entertainment,” said Salone Sehgal, General Partner at Lumikai Fund.

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• MoEngage raises $77M in funding led by Goldman Sachs Asset Management and B Capital

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