Live entertainment and social gaming platform Eloelo on Wednesday said that it has raised $22 million (around Rs 183 crore) as a part of its pre-Series B funding round co-led by Courtside Ventures and Griffin Gaming Partners.
Mixi Inc, which recently set up its $50 million India-focused corporate venture capital firm, also participated in the round, marking its first investment from the new vehicle.
Existing backers Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures and Rocket Capital also participated in the funding mop-up.
Bengaluru-based Eloelo plans to use the funding to forge partnerships with creators, develop innovative tools across artificial intelligence and augmented reality for them, attract a broader pool of tech and product talent, and strengthen revenue generation initiatives.
With this fresh funding, Eloelo has now raised a total of $37.5 million. Prior to this, the company raised $13 million in June last year in its Series A round co-led by KB Investments and Kalaari Capital, with existing investors Waterbridge Ventures and Lumikai Fund.
Founded in 2020 by Saurabh Pandey and Akshay Dubey, Eloelo combines audio and video live chatrooms with games and shows. It claims that the platform has over 37 million users and 120,000 creators. The app is currently available in six languages and aims to add many more in the next few months as it sees rising adoption from Tier 2 and 3 audiences.
Through a unique combination of game participation within live streaming, Eloelo is building the next generation of social networking that enables true interactivity within their community, said Kai Bond, partner at Courtside Ventures.
Pandey, who is the chief executive officer of Eloelo, said that the company recorded a 400% year-on-year, adding that this fundraise in such a testing macro environment further enforces the belief our investors have in our vision.
