India's EloElo raises $80 million from NBCUniversal and Hornbill to expand in microdrama market
Indian company EloElo, the maker of the Story TV microdrama app, has raised $80 million in a Series C round from Hornbill Capital and NBCUniversal. Its total funding now stands at $130 million, at a valuation of $500 million.
EloElo, an Indian tech company behind the Story TV app for short serialized video known as microdramas, has closed an $80 million Series C funding round. The money came from investment firm Hornbill Capital and US media group NBCUniversal. The round lifts the company's total funding to $130 million and its valuation to $500 million. The deal reflects investor interest in a format that more than 118 million people in India watch every month.
Microdramas are short episodes of serialized stories, shot in vertical format for viewing on phones. They have gained popularity in the US, China and India. Analysts expect the Indian industry to exceed $3–4 billion in annual revenue by 2030. Last year, Story TV, Kuku TV and Quick TV were among the most downloaded video streaming apps in the country. Analysts say Story TV has more than 33 million active users.
The company and its content
EloElo was founded in 2020 by Saurabh Pandey, a former executive at e-commerce company Flipkart. Story TV's catalog holds more than 5,000 titles in six languages, and users spend an average of 95 minutes a day in the app. The company works with Indian TV producer Balaji Telefilms. Access to content is sold through monthly, quarterly and yearly subscriptions, alongside some free ad-supported content.
Monetization remains a challenge. A report by analyst firm Redseer found that more than 40 million people have paid for microdramas at least once, but only 15–17 million pay monthly. A survey by Ormax Media suggested that 72% of viewers have never paid.
AI and plans
EloElo uses its own AI platform, Dolphin AI, which began as an internal video-creation tool. The company plans to make it widely available, including for marketing and advertising. Pandey said human creative directors remain essential, with AI augmenting their skills.
The company also runs a learning app, Master, and an AI companion app, Voxy AI; together its apps have more than 40 million monthly users. EloElo has 240 employees and intends to expand its AI and machine learning research team and invest in original titles. MIT Investment Co., Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners also took part in the round.
