India’s leading homegrown live video streaming platform, Eloelo today said that it has raised $13 million as a part of its Series A funding round co-led by KB Investments, Kalaari Capital along with existing investors, Water bridge Ventures & Lumikai Fund. Convivialité Ventures & 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 & Content teams along with fostering new partnerships with creators & helping them reach millions of users.
“Creators want to cultivate deep, authentic relationships with their fans & Eloelo lets them imagine completely new interactive live experiences to engage fans. 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 & 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 & CEO of Eloelo.
Founded in August’20 by ex-Flipkart executives Saurabh Pandey and Akshay Dubey, Eloelo has quickly crossed over 3.5 Million Users & 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 & monetize directly from fans.
Vani Kola, Managing Director at Kalaari Capital said “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.”
As it plans to launch monetization at scale, Eloelo aims to bring in innovative means of live interactions which enables creators to monetize from their super fans. The startup is also exploring use cases of NFTs for its top creators.
“We remain very excited to back Saurabh, Akshay and the Eloelo team, who continue to push the boundaries of live, interactive, creator-led live streaming. 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.“, Salone Sehgal, General Partner at Lumikai Fund, said in a statement.
Anjali Sosale, Partner at Water bridge Ventures, added, “Eloelo was a seed stage bet for us as part of Water bridge Fast Forward cohort in 2020. Really happy to double down & witness their growth. It is a one-of-a kind platform that intersects Social, Live Video & Gaming together. “
With many players entering live video streaming, what sets Eloelo apart is the wide-range of tools for creators to host live interactive experiences. The startup says that it is designed to extend support to low-spec devices from tier-2,3,4 of India thus truly enabling the Creator middle class to shine.