EloElo Group Raises $80M Series C Led by Hornbill, NBCUniversal
EloElo Group raises $80M in a Series C led by Hornbill Capital and NBCUniversal to fund original content, Story TV's global launch and Dolphin AI.
- Raised
- $80M
- Stage
- Series C
- Status
- Announced
Bengaluru-based consumer AI and entertainment company EloElo Group has raised $80 million in a Series C round led by Hornbill Capital and NBCUniversal.
MIT Investment Co. also participated, along with existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures, Griffin Gaming Partners and others. The round takes total capital raised to $130 million, which includes a $13.5 million Series B in April 2025.
EloElo will use the money to fund original content across languages, support the international launch of its micro drama platform Story TV, and expand investment in Dolphin AI, its agentic AI creative suite. It also plans to widen its content slate with a focus on premium originals and take its micro drama business to international markets, including the US.
Founded in 2020 by former Flipkart executive Saurabh Pandey, EloElo operates Story TV, a micro drama platform, and Master, a micro learning platform. It also runs Dolphin AI and Voxy AI, an AI companion agent.
Story TV offers over 5,000 micro dramas across six languages, with a new drama launched every three hours. The company says users spend 95 minutes a day on the platform. Across its apps, EloElo reports over 40 million monthly active users and more than 300 million installs.
Omdia expects micro dramas to generate $14 billion globally by the end of 2026. In India, Redseer estimates that 40 million people paid for a micro drama at least once in FY26, and Lumikai projects the market will reach $4.5 billion by 2030.
Story TV competes with Kuku TV and ShareChat’s Quick TV, while Flipkart has also entered the segment and Pocket FM re-entered with Pocket Saga after shutting down Pocket TV. Master competes with Seekho, which raised $28 million in a Series B last September.
The company began monetising in May 2024 and reported revenue of Rs 69.5 crore in FY25, with losses largely flat. EloElo says it has achieved multi-fold revenue growth over the past year with profitable unit economics. Its FY26 results are yet to be filed.
