EloElo raises $80 million in funding round

Business · First reported 4 Nov, 04:45 · Updated 05:31

Image: Wikimedia Commons · Ysherazi · CC BY-SA 4.0

India’s EloElo Group, parent of microdrama platform Story TV, raised $80 million in a round led by Hornbill Capital and NBCUniversal. The company said it has raised $130 million in total and plans to fund original content, international expansion and its Dolphin AI suite.

EloElo said the $80 million round was led by Hornbill Capital and NBCUniversal, with MIT Investment Co and existing investors also participating.
The company said it would use the funding for original content, international launches of its microdramas and further investment in Dolphin AI.
TechCrunch reports that Story TV has more than 33 million active users and that EloElo plans to expand its AI and machine-learning research team.

Summary written by Lux AI from 2 articles

Key facts

Funding round: $80 million.
Total capital raised: $130 million, including this round.
Reported valuation: $500 million.
Lead investors: Hornbill Capital and NBCUniversal.
Stated uses of funds: Original content, international microdrama launches and further investment in Dolphin AI.