EloElo raises $80 million from NBCUniversal and Hornbill Capital valued $500 million
Business
EloElo, the company, just scored $80 million in fresh funding from NBCUniversal and Hornbill Capital. This brings its total funding to $130 million and bumps its valuation up to $500 million.
The cash is set to help EloElo reach even more of India's more than 118 million monthly microdrama fans.
Story TV exceeds 33 million active users
Story TV, EloElo's flagship platform, launched in 2020 by ex-Flipkart executive Saurabh Pandey, already has over 33 million active users and more than 5,000 shows across six languages.
As India's microdrama market races toward a projected $3 billion to $4 billion by 2030, EloElo is betting on premium content and new partnerships to turn free viewers into paying subscribers, no easy feat in a country hooked on free streaming.