EloElo Group raises $80M Series C led by Hornbill and NBCUniversal
Story TV maker EloElo Group raised $80M in a Series C co-led by Hornbill Capital and NBCUniversal. Past rounds, FY25 numbers and microdrama rivals explained.
Ishaan Vardhan10 Nov 2026 · 7 min read
EloElo Group, the Bengaluru company behind the microdrama app Story TV, has raised $80 million in a Series C co-led by Hornbill Capital and NBCUniversal, Entrackr and Inc42 reported on 4 November 2026. The money will fund original shows in Indian languages, a launch of Story TV outside India, including the US, and its AI production tool Dolphin AI.
The round takes EloElo’s total funding to $130 million, according to both outlets. For more deals this month, see our funding tracker.
Key takeaways
- EloElo raised $80 million (about ₹756–760 crore) in a Series C co-led by Hornbill Capital and NBCUniversal, with MIT Investment Co. joining.
- TechCrunch reported a $500 million valuation; the companies have not confirmed it in their statements.
- The company began charging users in May 2024 and reported FY25 revenue of ₹69.5 crore and a loss of ₹98.5 crore, according to Entrackr.
- EloElo says its four apps have more than 40 million monthly active users and 300 million installs.
The Series C: who invested and how much
EloElo Group’s Series C is an $80 million round co-led by Hornbill Capital and US media company NBCUniversal. MIT Investment Co. came in as a new investor, and existing backers Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners also invested, according to Inc42, Entrackr and Entrepreneur India. Avendus Capital was the company’s financial adviser, Entrepreneur India reports.
The outlets agree on the amount and the investors. The rupee conversion differs slightly: Inc42 gives about ₹756 crore, while the PTI report carried by Outlook Business gives about ₹760 crore.
The $500 million valuation is reported, not confirmed
EloElo’s valuation after the round was put at $500 million by TechCrunch on 3 November 2026. The PTI report attributes the same figure to unnamed sources and says it is about five times the previous round’s valuation. EloElo’s own statement gives no valuation.
What EloElo does: from live rooms to microdramas
EloElo started as a live social entertainment app and now centres on Story TV. Microdramas are short vertical series made for phones. In April 2025 EloElo described itself as a platform where creators host live audio and video rooms and games such as tambola and antakshari, earning through virtual gifts, according to Entrackr and Inc42.
The group now runs four products, Inc42 reports:
- Story TV: more than 5,000 microdramas in six languages, made with over 90 production studios including Balaji Telefilms.
- Master: short-video learning.
- Dolphin AI: an AI creative suite for images, audio and video, first built for the company’s own production.
- Voxy AI: an AI companion app.
Most of EloElo’s users are on Story TV, which analysts put at over 33 million active users, according to TechCrunch. Founder Saurabh Pandey told TechCrunch that users spend about 95 minutes a day on the app. Pandey, a former Flipkart executive, founded the company in 2020; Inc42’s April 2025 report also names Akshay Dubey as a co-founder.
EloElo’s past funding rounds
EloElo had raised a little over $50 million before this round. Its last round was a $13.5 million (₹114.3 crore) Series B in April 2025 led by Singapore’s Play Ventures, both Entrackr and Inc42 reported. Before that, it raised a $22 million pre-Series B in September 2023 led by Courtside Ventures and Griffin Gaming Partners, according to Inc42.
| Date | Round | Amount | Led by |
|---|---|---|---|
| Sep 2023 | Pre-Series B | $22 million | Courtside Ventures, Griffin Gaming Partners |
| Apr 2025 | Series B | $13.5 million (₹114.3 crore) | Play Ventures |
| Nov 2026 | Series C | $80 million | Hornbill Capital, NBCUniversal |
Table sources: Inc42 (10 April 2025, 4 November 2026), Entrackr (10 April 2025, 4 November 2026). Total raised to date: $130 million.
Revenue and losses from EloElo’s filings
EloElo reported its first operating revenue in FY25, the year to March 2025, after it started charging users in May 2024. Revenue was ₹69.5 crore, all from in-app purchases, and the loss was ₹98.5 crore, roughly flat on the year before, according to Entrackr’s review of its financials on 31 March 2026.
Total expenses rose 68% to ₹174.3 crore in FY25. Advertising was the largest cost at ₹59 crore, followed by ₹43 crore paid to content creators, Entrackr reports. It spent ₹2.51 for every rupee of operating revenue and had ₹59 crore in cash at the end of March 2025.
Growth since then is a company claim, not a filed number. EloElo told Entrackr and Inc42 in April 2025 that its annual revenue run rate was $23 million. Entrackr later cited a Moneycontrol report that put the run rate at $230 million by January 2026, and noted that this can only be checked when FY26 and FY27 accounts are filed.
Where the $80 million goes
The Series C money goes mainly into content, international expansion and AI. EloElo plans more premium shows in Indian languages, a Story TV launch abroad including the US, and further work on Dolphin AI, Entrackr and Inc42 report. TechCrunch and The Next Web add that it will grow its AI and machine learning research team; the company has about 240 staff.
NBCUniversal’s Deepak Arya told Entrepreneur India that the media company will bring its global capabilities as EloElo expands beyond India, including into the US. Pandey told Inc42 the aim is to own three layers of the business: the stories, the AI production tools and the apps that distribute them.
The microdrama market and EloElo’s competitors
Microdramas are a crowded category in India. Story TV competes with Kuku TV and ShareChat’s Quick TV, and Master competes with Seekho, which raised a $28 million Series B led by Bessemer Venture Partners, according to Entrackr. Flipkart has entered the segment, and Pocket FM has returned with Pocket Saga after closing Pocket TV, Entrackr adds.
The market figures are large but not settled. Omdia expects microdramas to generate $14 billion worldwide by the end of 2026, and Redseer estimates that 40 million Indians paid for a microdrama at least once in FY26, Entrackr and Inc42 report. Forecasts for India also differ: Entrackr and Entrepreneur India cite Lumikai’s $4.5 billion by 2030, while TechCrunch cites $3–4 billion a year by 2030.
Why it matters
A global studio backing an Indian microdrama app is a signal that the format is moving from a cheap experiment to a content business with international ambitions. The harder question is money. EloElo’s filed numbers show a company that spent ₹2.51 for every rupee it earned in FY25, and the much higher run rate it now reports has not yet appeared in filed accounts. Its FY26 accounts, once filed, will show whether the growth story holds.
FAQ
How much did EloElo raise in its Series C?
EloElo Group raised $80 million, about ₹756–760 crore, in a Series C announced on 4 November 2026. Hornbill Capital and NBCUniversal co-led the round, and MIT Investment Co. joined existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners. Total funding is now $130 million, according to Inc42 and Entrackr.
What is EloElo’s valuation?
TechCrunch reported a valuation of $500 million after the Series C. A PTI report carried by Outlook Business attributes the figure to unnamed sources and says it is about five times the last round. EloElo has not stated a valuation, so read it as reported, not confirmed.
What is Story TV?
Story TV is EloElo’s microdrama app, which streams short vertical series made for phones. It has more than 5,000 titles in six languages, made with over 90 studios including Balaji Telefilms, according to Inc42. Analysts put its active users at over 33 million, TechCrunch reports. Viewers pay by subscription, and some titles are free with ads.
Is EloElo profitable?
Not on its last filed accounts. EloElo lost ₹98.5 crore in FY25 on operating revenue of ₹69.5 crore, according to Entrackr. The company says its unit economics are now profitable and revenue has grown several times over, but FY26 results are not yet filed.
Who competes with EloElo?
Story TV’s main rivals in India are Kuku TV and ShareChat’s Quick TV, while Master competes with learning app Seekho, according to Entrackr. Flipkart has also entered microdramas, and Pocket FM is back with Pocket Saga. TechCrunch adds that free platforms such as YouTube and Instagram compete for the same viewing time.
More funding stories are in our news section. This is news analysis, not investment advice.
Sources
- Entrackr, “EloElo Group raises $80 Mn in Series C led by Hornbill Capital, NBCUniversal”, 4 November 2026. Link
- Inc42, “EloElo Group Bags $80 Mn From NBCUniversal, Others To Take Its Microdrama Biz Global”, 4 November 2026. Link
- TechCrunch, “India’s EloElo nabs $80M from NBCUniversal to bet on the country’s rising microdrama market”, 3 November 2026. Link
- Entrepreneur India, “EloElo Group Raises USD 80 Mn in Series C”, 4 November 2026. Link
- Outlook Business (PTI), “EloElo Group Raises $80Mn from Hornbill Capital, Others”, 4 November 2026. Link
- The Next Web, “India’s EloElo raises $80M from NBCUniversal and Hornbill for Story TV”, 4 November 2026. Link
- Entrackr, “Eloelo burns Rs 59 Cr on ads to generate Rs 69 Cr revenue in FY25”, 31 March 2026. Link
- Entrackr, “Eloelo raises $13.5 Mn in Series B round led by Play Ventures”, 10 April 2025. Link
- Inc42, “EloElo Raises $13.5 Mn For Overseas Expansion”, 10 April 2025. Link
Related stories
Sources (9)
- Entrackr 4 Nov 2026Round, investors, $130M total, use of funds, apps, users, competitors
- Inc42 4 Nov 2026Round, ₹756 crore, apps, Story TV catalogue and studios, strategy, Omdia figure
- TechCrunch 3 Nov 2026$500M valuation, Story TV users, 95 minutes a day, subscriptions, 240 staff, competitors
- Entrepreneur India 4 Nov 2026Avendus adviser, NBCUniversal comment, Redseer and Lumikai figures
- Outlook Business (PTI) 4 Nov 2026₹760 crore conversion, valuation from unnamed sources, about five times last round
- The Next Web 4 Nov 2026AI research hiring, 240 staff, Series B April 2025
- Entrackr 31 Mar 2026FY25 revenue, expenses, loss, cash, unit economics, Moneycontrol run-rate claim
- Entrackr 10 Apr 2025Series B $13.5M, live audio and video product, virtual gifting, $23M ARR
- Inc42 10 Apr 2025Series B ₹114.3 crore, pre-Series B $22M September 2023, co-founder Akshay Dubey, live games
