Eloelo Launches Series B Funding Round, Aiming to Raise $13 Million
Eloelo, a social gaming and live streaming platform, is initiating a Series B funding round to raise ₹114 crore (approximately $13 million), led by Play Ventures Investments. The round also sees participation from Gameskraft Technologies, Kalaari Capital, WestBridge Capital, and others.
According to a regulatory filing accessed from the Registrar of Companies, Eloelo's board has approved a special resolution to issue 1,696 Series B compulsory convertible preferred shares at an issue price of ₹6,73,997 each to achieve the targeted funding. Play Ventures is leading the round with an investment of ₹34.7 crore, while Gameskraft Technologies, WestBridge Capital, and Kalaari Capital will contribute ₹21.7 crore, ₹8.7 crore, and ₹13 crore, respectively. Additional investments will come from Countryside Ventures, Rocket Capital, MIXI Global, and Veenita and Vinay Mittal.
To date, the company has raised over $50 million, including a $22 million pre-Series B round co-led by Courtside Ventures and Griffin Gaming Partners. Based on estimates from Entrackr, Eloelo's valuation is expected to reach around ₹1,026 crore or $121 million post-allotment.
Following this funding round, Play Ventures will hold a 3.38% stake, while Countryside Ventures, Gameskraft, and Kalaari Capital will own 4.46%, 2.12%, and 6.35%, respectively.
Founded by Saurabh Pandey and Akshay Dubey, Eloelo offers native activities such as tambola, antakshari, and musical chairs in live formats, with creators hosting games for their fan communities. The platform boasts over 50 live games and entertainment categories, with more than 1,000 live streams occurring daily.
Despite its growth, the company remained in the pre-revenue stage during the fiscal year ending 2024, with losses for the Kalaari-backed firm more than doubling to ₹99 crore.
India's social gaming and live streaming landscape is rapidly evolving, with platforms like Loco, Rooter, and Turnip leading in gaming, while Chingari, ShareChat, and Bolo Live are expanding into live and casual gaming to enhance user engagement. The boundaries between content, gaming, and community are increasingly merging, ushering in a new era of digital entertainment.
According to a regulatory filing accessed from the Registrar of Companies, Eloelo's board has approved a special resolution to issue 1,696 Series B compulsory convertible preferred shares at an issue price of ₹6,73,997 each to achieve the targeted funding. Play Ventures is leading the round with an investment of ₹34.7 crore, while Gameskraft Technologies, WestBridge Capital, and Kalaari Capital will contribute ₹21.7 crore, ₹8.7 crore, and ₹13 crore, respectively. Additional investments will come from Countryside Ventures, Rocket Capital, MIXI Global, and Veenita and Vinay Mittal.
To date, the company has raised over $50 million, including a $22 million pre-Series B round co-led by Courtside Ventures and Griffin Gaming Partners. Based on estimates from Entrackr, Eloelo's valuation is expected to reach around ₹1,026 crore or $121 million post-allotment.
Following this funding round, Play Ventures will hold a 3.38% stake, while Countryside Ventures, Gameskraft, and Kalaari Capital will own 4.46%, 2.12%, and 6.35%, respectively.
Founded by Saurabh Pandey and Akshay Dubey, Eloelo offers native activities such as tambola, antakshari, and musical chairs in live formats, with creators hosting games for their fan communities. The platform boasts over 50 live games and entertainment categories, with more than 1,000 live streams occurring daily.
Despite its growth, the company remained in the pre-revenue stage during the fiscal year ending 2024, with losses for the Kalaari-backed firm more than doubling to ₹99 crore.
India's social gaming and live streaming landscape is rapidly evolving, with platforms like Loco, Rooter, and Turnip leading in gaming, while Chingari, ShareChat, and Bolo Live are expanding into live and casual gaming to enhance user engagement. The boundaries between content, gaming, and community are increasingly merging, ushering in a new era of digital entertainment.
