Bengaluru-based consumer AI and entertainment company EloElo Group has raised $80 million in a Series C funding round led by Hornbill Capital and NBCUniversal, valuing the company at $500 million, according to a person familiar with the transaction.
The round also saw participation from MIT Investment Co. and existing investors, including Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners. The company said the latest fundraise takes its total capital raised to $130 million.
Founded in 2020 by Saurabh Pandey and Akshay Dubey, EloElo operates a portfolio of consumer entertainment and AI products, including Story TV, its microdrama platform, Master, its micro-learning app, and Dolphin AI, its agentic AI creative suite.
EloElo to Expand Story TV and Dolphin AI
EloElo will use the fresh capital to invest in original content across Indian languages, take Story TV into international markets, including the US, and strengthen Dolphin AI.
The company is looking to expand its content slate through live-action productions, hybrid shows combining live action and AI, and fully AI-generated content.
Story TV focuses on short, episodic dramas designed for mobile audiences. The company says its broader app portfolio has more than 40 million monthly active users. Its strategy is built around controlling content creation, distribution and the technology used to produce entertainment.
Dolphin AI is central to that approach. The platform is designed to support video creation through AI-led workflows, giving the group an in-house production technology layer alongside its consumer-facing entertainment apps.
Microdrama Market Draws Global Investor Interest
The funding comes as microdramas gain traction in India and international markets. Omdia estimates that the global microdrama industry will generate $14 billion in revenue by the end of 2026.
In India, Story TV competes with platforms such as Kuku TV and Quick TV, while Pocket FM has also returned to the segment with Pocket Saga. The growing number of players reflects increasing interest in short, vertical storytelling formats that are designed for mobile viewing.
The investment by NBCUniversal also brings a major global entertainment player into EloElo’s shareholder base. For EloElo, the opportunity is to combine local-language storytelling with AI-enabled production and distribution as it takes its content beyond India.
EloElo’s Revenue and Funding Background
EloElo began monetising its content business in 2024. It reported operating revenue of ₹69.5 crore in FY25, while total revenue stood at ₹75.8 crore, according to filings cited by The Economic Times. The company reported a net loss of ₹98.5 crore for the year.
The latest $80 million round takes the company’s disclosed funding total to $130 million. Its previous major fundraise was a $13.5 million Series B round in April 2025, led by Play Ventures.
With this round, EloElo is positioning itself as more than a microdrama streaming platform: it is building an entertainment business that combines original content, consumer distribution and AI-powered production tools.
