Eloelo Set to Raise ₹114 Cr Despite ₹99 Cr Losses, Bets on Creator-Led Gaming
- Eloelo is raising ₹114 Cr in Series B funding from Play Ventures, Kalaari, and others.
- Despite ₹99 Cr losses in FY24, investors are betting on its creator-led, game-based social platform.
- Eloelo aims to blend nostalgia and live entertainment to drive engagement and revenue.
This is a world where apps are trying to make us scroll faster, while Eloelo wants us to play musical chairs.
The Bengaluru-based startup is set to raise ₹114.3 Cr in a Series B round led by Singapore-based Play Ventures, with Kalaari Capital, Gameskraft Technologies, MIXI, Courtside Ventures, Rocket Capital, and others following suit.
Saurabh Pandey and Akshay Dubey's (Ex COO) idea is to bring back the charm of small-town games - tambola, antakshari, even musical chairs; but host them live, with creators leading the charge. I personally think of it as the internet’s version of a family function, only with better lighting and venture capital.
“We’re building something that feels like home,” say founders.
The company’s board passed a resolution on April 4 to issue 1,696 Series B CCPS at ₹6.73 Lakh each.
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Play Ventures alone has invested ₹34.71 Cr, while Kalaari and Gameskraft pitched in with ₹13 Cr and ₹1.7 Cr, respectively. Kalaari now holds a 6.35% stake in Eloelo.
Here’s the twist - Eloelo is a pre-revenue company, and its net losses ballooned 128% YoY to ₹99.06 Cr in FY24. Still, investors are betting big on its ability to transform casual gaming into community currency.
Eloelo is much bigger than another social app, it’s a gamble that human connection, nostalgia, and games can be monetised. And for now, the bet is on the joy and not algorithms.
Edited by Harshajit Sarmah
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