EloElo Raises $80 Million in Series C Funding to Expand Story TV Globally

The funding round also included participation from MIT Investment Co. and existing investors Play Ventures, Kalaari Capital, WaterBridge Ventures and Griffin Gaming Partners. With this investment, EloElo's total capital raised has reached $130 million. Its valuation is estimated at around $500 million, according to people familiar with the transaction, as reported by Business Standard and other media outlets.

Founded in Bengaluru in 2020 by former Flipkart executive Saurabh Pandey, EloElo Group is building a business around mobile entertainment and consumer AI. Its latest fundraising comes as short-form entertainment platforms attract growing attention from investors and media companies.

EloElo plans to direct the new investment towards three major areas: producing premium original content, expanding Story TV into international markets and developing its AI-powered creative platform, Dolphin AI.

The company intends to strengthen its content offerings in Indian languages, including Hindi, Tamil, Telugu, Malayalam and Kannada, while exploring additional languages and formats. Its international expansion plans include the United States, although the company has not announced a confirmed launch date or its first overseas market.

Rather than simply distributing its existing Indian shows internationally, EloElo plans to develop original stories suited to audiences in different markets. This approach could help the company reach both Indian diaspora communities and viewers interested in locally produced mobile entertainment. NBCUniversal's participation also brings an established global entertainment company into the funding round. Deepak Arya, executive vice-president of corporate strategy and development at NBCUniversal, said the company sees an opportunity in mobile-first storytelling and emerging formats such as microdramas.

Story TV is central to EloElo's entertainment business. The platform offers more than 5,000 microdramas across six languages, according to the company. It releases new content regularly, with users spending an average of around 95 minutes per day on the platform.

Microdramas are short, serialised video stories designed mainly for smartphone viewing. They typically present episodes in a compact format, allowing viewers to follow a storyline through multiple short instalments. Their mobile-first structure makes them suitable for people who prefer watching entertainment in shorter sessions.

EloElo operates other digital products alongside Story TV, including Master, a micro-learning platform; Dolphin AI, an AI-powered creative suite; and Voxy AI, an AI companion agent. Across its applications, the company reports more than 40 million monthly active users. This figure represents the group's apps collectively, not Story TV alone.

Another major focus of the funding is Dolphin AI, which EloElo is developing to support content creation and production workflows. The company aims to use AI to improve production efficiency and make it easier to create content across different languages and markets.

Founder Saurabh Pandey has said that AI supports several stages of the production process, including visual effects and replacing expensive location requirements. Some productions use fully AI-generated elements, while others combine traditional filming with AI-assisted techniques. Live-action production also remains part of the company's approach.

According to Pandey, AI is used in around 70–75% of the company's workflows. EloElo has increased its production capacity to approximately 250 microdramas per month, while the average production cost remains around $15,000 per drama, he told Business Standard.

The company has also emphasised that AI is intended to support creative professionals rather than replace actors and skilled production teams. Its approach combines technology with human involvement to increase the volume of content without relying entirely on conventional production methods.

EloElo's funding comes as India's microdrama segment attracts increasing interest from entertainment companies and investors. Platforms such as Kuku TV, JioHotstar Tadka and Bullet are also competing for audiences in this space.

Market estimates indicate the sector has significant growth potential. Research firm Redseer estimates that around 40 million Indians paid for a microdrama at least once in FY26. Meanwhile, Lumikai projects that India's microdrama market could reach $4.5 billion by 2030. Globally, research firm Omdia estimates that the microdrama industry could generate $14 billion in revenue by the end of 2026.

These projections point to growing commercial interest, although the market's future will depend on audience retention, content quality, subscription models and the ability of platforms to manage production costs.

With its latest Series C funding, EloElo is preparing for its next phase of growth. The company plans to increase investment in original programming, strengthen Dolphin AI and explore opportunities in overseas markets.

Its ability to combine content production, distribution and AI-based tools could help it expand its business beyond India's growing mobile entertainment audience. However, its international plans and the long-term performance of its AI products will need to be assessed as they develop.

The latest investment gives EloElo additional capital and strategic backing to pursue these plans. Its progress will depend on whether it can maintain content quality, attract audiences in new markets and build a sustainable business in an increasingly competitive microdrama industry.