EloElo Secures $80 Million in Series C, Aims for Global Micro-Drama Dominance

Bengaluru-based EloElo Group, owner of the micro-drama app Story TV, has raised $80 million in a Series C funding round, co-led by Hornbill Capital and NBCUniversal. This investment brings EloElo’s total capital raised to $130 million, valuing the company at approximately $500 million, according to sources familiar with the matter. MIT Investment Management Co. and existing investors Play Ventures, Kalaari Capital, WaterBridge Ventures, and Griffin Gaming Partners also participated in the round, the company announced on Wednesday. The funds will fuel production of more original shows, expand its artificial intelligence (AI)-based production tools, and drive its entry into overseas markets, including the US, Asia, and Europe.

EloElo founder and CEO Saurabh Pandey highlighted the opportunity to build a global brand in the micro-drama space, noting the absence of a "Netflix of microdramas." Story TV, which already features over 5,000 micro dramas across six languages and sees users spend an average of 95 minutes daily, has experimented with English-language content to target both diaspora and local-language viewers. Deepak Arya, Executive Vice-President of Corporate Strategy and Development at NBCUniversal, affirmed the "significant opportunity in mobile-first storytelling and emerging formats." Pandey stated that investors were drawn to EloElo's vision of creating an "AI-native entertainment ecosystem for the next billion users," with investors already facilitating introductions for AI development.

Founded in 2020 by Pandey, a former Flipkart executive, EloElo's group also includes micro-learning app Master, AI creative suite Dolphin AI, and AI companion agent Voxy AI, collectively reaching over 40 million monthly active users. AI currently drives 70-75 percent of the company’s workflows, enabling a scale-up from two-three new dramas daily to around 250 monthly, while maintaining an average production cost within the $15,000 range per micro drama. Manoj Thakur, Founder and Managing Partner of Hornbill Capital, praised the team's "execution, financial discipline, and AI capabilities." The global micro-drama market is projected to reach $14 billion by the end of 2026, with India’s market estimated at $700-800 million in the past year, potentially growing to $4.5 billion by 2030, according to Lumikai.

EloElo recorded multi-fold revenue growth over the past year, primarily from subscriptions and an advertising-supported model. Pandey declined to disclose specific revenue figures, stating that FY26 financial results would be filed by December. The company controls its content, distribution, and AI-powered production engine, and has collaborated with over 50,000 creative industry professionals in the last year. Avendus Capital served as the exclusive financial adviser for the funding round.

What to watch: EloElo's expansion into new international markets and further integration of AI in content production.

Editor's note: Comprehensive coverage of the funding round, AI usage, and market stats.