EloElo has raised $80 million in Series C funding from Hornbill Capital and NBCUniversal, according to TechCrunch. The round brings the company's total fundraising to $130 million at a valuation of $500 million.
The company runs Story TV, which the report describes as one of the top microdrama apps, with more than 33 million active users according to analysts. EloElo says it has more than 40 million monthly users across its apps.
TechCrunch reports that more than 118 million users watch microdramas each month in India. It also cites analysts who expect the country's microdrama industry to cross $3 billion to $4 billion in annual revenue by 2030.
Story TV was founded in 2020 by former Flipkart executive Saurabh Pandey. The platform has more than 5,000 titles in six languages. Pandey told TechCrunch that users spend 95 minutes on the app on average each day.
Monetization remains a challenge, according to a Redseer report cited in the article. More than 40 million people have paid for microdrama at least once, but only 15 to 17 million pay monthly. A separate Ormax Media survey found that 72% of people have never paid.
EloElo plans to use its Dolphin AI platform, an internal video creation tool it intends to release more widely. The company has 240 employees and plans to expand its AI and machine learning research team. It will also use part of the funding to produce original titles. Existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures, and Griffin Gaming Partners also took part in the round, along with MIT Investment Co.