EloElo, the Indian microdrama platform founded in 2020 by former Flipkart executive Saurabh Pandey, raised $80 million in Series C funding from Hornbill Capital and NBCUniversal. The round brings total fundraising to $130 million at a $500 million valuation.
Story TV, EloElo's flagship app, has 33 million active users and offers over 5,000 titles in six languages. More than 118 million users watch microdramas monthly in India, according to the report. Analysts expect the Indian microdrama industry to reach $3-$4 billion in annual revenue by 2030.
EloElo operates three apps with 40 million monthly users combined: Story TV for microdramas, Master for vertical video learning, and Voxy AI as an AI companion. The company hosts ad-supported free content and multiple subscription tiers.
Pandey described the microdrama format as designed for mobile consumption rather than appointment television. Users average 95 minutes daily on Story TV across multiple sessions. The platform competes against YouTube, Instagram, and TikTok, which host free content.
Monetization remains a challenge in India. Redseer data shows 40 million people have paid for microdramas at least once, but only 15-17 million pay monthly. An Ormax Media survey found 72% of users have never paid for microdramas.
EloElo developed Dolphin AI, an internal content creation tool now being made available to creators and for marketing campaigns. Pandey emphasized that human creative directors remain essential, with AI serving as an augmentation tool. The company plans to expand its AI and machine learning research team and allocate capital toward producing more original titles.
MIT Investment Co. and existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures, and Griffin Gaming Partners participated in the round.