Eloelo, the creator-led social gaming and live streaming platform, raised US $13 million in a Series A funding round headed by Korea’s KB investments and Bengaluru-based early-stage venture firm Kalaari Capital on June 2.
Along with the existing investors such as Waterbridge Ventures and Lumikai Fund, Pernod Ricard’s corporate venturing arm Convivialité Ventures and Rocket Capital joined in the investment round. The startup has now raised approximately US $16 million in total funding.
What the founder has to say:
Eloelo CEO Saurabh Pandey:
“Eloelo allows creators to envision whole new interactive live experiences to engage followers, allowing them to cultivate deep, true relationships with their fans. We’ve been growing at a rate of 40% every month, intending to create the future of interactive entertainment.”
What the investors have to say:
Vani Kola, managing director at Kalaari Capital:
“There is a whole generation of first-time internet users who can now sell their unique products and services directly to their fans through a direct channel. The advent of an entire ecosystem of tools and platforms that facilitate this transformation will foster deeper interactions between creators and their audiences.
Eloelo provides these producers with the ideal combination of social games, engagement, and live broadcasting.”
Salone Sehgal, General Partner at Lumikai Fund:
“Their product-led thinking and extensive user analytics enable them to use the potential of live lean forward entertainment formats to achieve great user engagement, retention, and creative monetization.”
About Eloelo:
Eloelo, founded by former Flipkart executives Saurabh Pandey and Akshay Dubey in August 2020, allows creators to host live video rooms, establish engaging communities, and earn money directly from followers via virtual presents that can be changed into genuine money.
Consumers can use live streams to play free games such as Quiz, Tambola, Antakshari, Lucky 7, Card games, and Spin the Wheel with their favorite hosts. It also allows viewers to watch live events hosted by creators in various categories, including dancing, music, culinary, comedy, and astrology.
The Bengaluru-based business claims to have over 3.5 million users and 40,000 producers on its platform. The funds will be used to expand the company’s tech, product, and content teams and nurture new partnerships with creators, according to the company.
Eloelo also says that its platform is built to accommodate low-spec mobile devices, catering to the country’s tier-2, 3, and 4 regions. It aims to introduce new kinds of live interactions on the network that would allow creators to pay their superfans as it prepares to launch monetization at scale. For its top creators, it’s also looking toward non-fungible tokens (NFTs).
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