India’s EloElo nabs $80M from NBCUniversal to bet on the country’s rising microdrama market
StoryTV has more than 33 million monthly active users according to Sensor Tower figures
The microdrama streaming app EloElo has raised $80 million in Series C funding from NBCUniversal, bringing its total capital raised to $130 million and valuing the company at $500 million. Founded in 2020 by former Flipkart executive Saurabh Pandey, Story TV app is one of the leading platforms for microdramas in India, boasting over 33 million active users.
The serialized content format has gained popularity across the globe, including the United States, China, and India, where it is projected to generate $3-$4 billion in annual revenue by 2030. The company has secured a partnership with Indian TV production house Balaji Telefilms to produce original content. EloElo's AI-powered Dolphin platform assists in content creation, with plans to offer it to brands for marketing campaigns.
Despite competition from free platforms like YouTube, Instagram, and TikTok, EloElo seeks to differentiate itself through high-quality, subscription-based content. The company currently employs 240 people and aims to hire more professionals to bolster its AI and machine learning research teams.
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