Indian short-form video platform EloElo raises $80 million
EloElo, an Indian streaming app for short-form series, has secured $80 million in Series C funding, reaching a valuation of $500 million as the local market for bite-sized content experiences rapid growth.
EloElo, the parent company of the Story TV streaming platform, has completed a $80 million Series C funding round backed by Hornbill Capital and NBC Universal. This investment brings the company’s total funding to $130 million and establishes a valuation of $500 million.
Story TV currently hosts over 5,000 short-form dramas across six languages and reports more than 33 million active users. The platform caters to the shifting consumption habits in India, where over 118 million people view short-form content monthly. Analysts project the sector’s annual revenue in India to hit between $3 billion and $4 billion by 2030.
CEO Saurabh Pandey stated that the platform aims to bridge the gap between short-form video and long-form narrative storytelling. To scale production, EloElo has introduced its Dolphin AI tool, which assists in video editing and asset generation.
The company, which currently employs 240 people, plans to direct the new capital toward hiring specialized AI and machine learning teams. A significant portion of the funding is also earmarked for financing original content productions to sustain its user growth.