Eloelo raises $2.1 million to strengthen creator tie-ups, fuel expansion

eloelo investors, Exceed Entertainment, akshay dubey, Better Capital, eloelo funding, WaterBridge Ventures, eloelo founders, eloelo, Saurabh Pandey, lumikai fund

Pune: Eloelo, a Bengaluru-based social gaming and livestreaming startup, has raised $2.1 million in a pre-Series A funding round that was co-led by Waterbridge Ventures and Lumikai Fund. Better Capital and Exceed Entertainment also participated in the financing.

The new capital will be used to strengthen creator partnership as well as aid the launch of new live-gaming formats to scale the platform for the next 10 million users.

Founded in August 2020 by Saurabh Pandey and Akshay Dubey, Eloelo is a livestreaming and social gaming platform. It brings indigenous activities like tambola, antakshari, chidiya udd, musical chairs, and talented performers in live formats, with creators hosting games for their fan communities.

Eloelo has seen its user base grow 15 times over the past six months. The platform now has more than 1 million users and recorded over 100 million game events.

“Live Video is increasingly resonating with fans as it helps them build ‘authentic’ relationships with creators. Today, our users spend 30-35 minutes daily enjoying live games, live streams on our app,” Pandey, who is also the chief executive of Eloelo, said. “In the next one year, we will be launching multiple creator-led live games and event formats that unlock monetisation for creators and interactive entertainment for users.”

Eloelo has brought on board more than 15,000 Influencers organically over the past few months, and 50% of their user base is women. The gaming startup provides a live interactive experience where instead of just watching game shows or events, users can participate and become interactive stars.

“Eloelo has fostered an inclusive, welcoming and safe community for friends and family to play together, and for fans to become stars in their own right,” said Justin Shriram Keeling, General Partner of Lumikai. “We look forward to working with the team as they build a truly next-generation social community leveraging the power of play for the next 10 million fans.”

Investor Waterbridge has been associated with Eloelo since inception, partner Ravi Kaushik said. That the company now has a million-strong user base is an important milestone in its vision of creating India’s largest platform for the creator economy, he said.

“Saurabh and Akshay are truly building a one-of-a-kind gamified live platform for content creators. Their best-in-class engagement and retention metrics, in addition to over 1 million users on the platform, demonstrates the unique value proposition of the platform,” he said.

The company is positioned at the intersection of two upcoming trends—creator economy and live social gaming.

“The creator economy is experiencing an inflection point and across market segments… A brand new infrastructure is being built to help creators build, earn and grow,” said Vaibhav Domkundwar of Better Capital. “Eloelo is just that—an engine of growth for creators in Bharat and India.”

News Related

OTHER NEWS

The best Android VPN apps 2021

With Android offering a haven for developers, there are a number of Android VPN apps out there – but we want to ensure you’re using the best VPN for your ... Read more »

Best streaming device for your TV in 2021

Looking for the best streaming device in 2021? You’ve come to the right place. In this guide, we’ll walk you through the latest and greatest models – be they streaming ... Read more »

Forza Horizon 5 isn't messing around when it comes to multiplayer madness

Forza Horizon 5 looks like it isn’t shying away from the madcap multiplayer that’s always been a draw to the franchise, as detailed by the latest Forza Horizon 5: Let’s ... Read more »

Bushfires may have a silver lining: Algae growing to offset carbon emissions

During the summer of 2019-20, fires ravaged Australia’s southern states. They burned land equivalent to two Hungarys, destroying almost 3,000 homes. 34 people died, with hundreds of more deaths believed ... Read more »

Government name third Russian suspect in Salisbury poisoning

Home Secretary Priti Patel tells the House of Commons that Denis Sergeev has been named as the third suspect in the 2018 Salisbury poisoning. She says that if any of ... Read more »

PM: People 'shouldn't be worried' about winter energy prices

Boris Johnson has said people in the UK “shouldn’t be worried” about paying for their energy this winter, as firms grapple with a sudden rise in gas prices. The prime ... Read more »

Record every moment with Rexing's V3 4K dash cam on sale for $170

The Rexing V3 front and back dash cam is on sale for $169.99 at Best Buy. This is one of Best Buy’s deals of the day and one of the ... Read more »

Windows 11 PC Health Check app available again in preview

© Windows Central Windows 11 Logo The PC Health Check app is back, and it shows detailed information about if your computer is ready for Windows 11. What you need ... Read more »

Neat's first all-new microphone in the Turtle Beach era is the drab-looking Skyline

Neat Microphones has unveiled its first truly new mic since Turtle Beach bought the company in January, and… it’s not what you’d expect. The normally quirky Neat has unveiled the ... Read more »

Physicists Found a Way to Mimic Neutron Stars in the Lab

© Pitris – Getty Images Using a “laser pincer,” scientists can generate their own antimatter, simulations show. Scientists have mimicked a neutron star in a new hypothetical experiment. The goal ... Read more »

Air Marshal VR Chaudhari appointed as next Chief of Air Staff, announces Defence Ministry

Air Marshal VR Chaudhari (File image/PIB) Air Marshal Vivek Ram Chaudhari has been appointed as the next Chief of Air Staff, the Defence Ministry announced on September 21, nearly 10 days ... Read more »

Apple may be killing the ‘mini' iPhone next year

Apple may no longer continue with the ‘mini’ models of iPhones and the iPhone 13 mini may be the last mini iPhone. As per tipster Jon Prosser, who has a ... Read more »

The best iPhone VPN 2021

While Apple is known for releasing secure devices that are well protected against online threats, more and more iPhone users are still seeing a need for a sturdy VPN that ... Read more »

Apple iPhone users are loving the iOS 15 update

The new iOS 15 update is going down a treat with Apple iPhone owners, who are shouting their love for everything from scroll wheel clocks to 3D map affects. A ... Read more »

Star Trek: Picard: what you need to know about Q, Jean-Luc's omnipotent sparring partner

Over the past five-and-a-bit decades, Star Trek crews have repeatedly faced off against warmongering Klingons, calculating Romulans, and the technological might of the Borg. On all their voyages, however, they’ve ... Read more »

Star Wars: Visions: a galaxy far, far away as you've never seen it before

The closing credits for Star Wars: Visions describe the show as “inspired by Star Wars created by George Lucas”. The line elegantly distils the essence of this new animated Disney ... Read more »

Salesforce wants your company to build a digital HQ on Slack

With businesses around the world being forced into reassessing their future following the pandemic, Salesforce has stepped in with a host of updates and new services aimed at making their ... Read more »

Microsoft Outlook users report frustrating search, security keys bugs

Microsoft is investigating several issues with Outlook for PC that have resulted in unexpected behavior, and even causing breakage in the app’s user experience.  According to the software giant, the ... Read more »

Pictured: Man arrested on suspicion of murdering his partner and her children at sleepover

Damien Bendall A 31-year-old man had been arrested on suspicion of the murders of a mother and three children, Derbyshire Police said. The arrested man is understood to have been ... Read more »

Bob Woodward Warns Donald Trump Wants To Be President Again For 1 Worrying Reason

Bob Woodward thinks he knows what Donald Trump wants to do if he wins the presidency again. Tuesday on MSNBC’s “Morning Joe,” Woodward and fellow Washington Post journalist Robert Costa ... Read more »

Biz resumption drops in Sept, some real economy indicators lagging, says Nomura

NEW DELHI: Resumption of business activity had registered a decline in September, said Nomura, as its India Business Resumption Index dropped to 100.6 in the week ended September 19 from ... Read more »

Karnataka plans anti-conversion law after MLA says his mother forcibly `converted'

Karnataka is planning a new law to curb religious conversions, Home Minister Araga Jnanendra said in the Assembly on Tuesday responding to demands from BJP and JD(S) members who complained ... Read more »

Boost for shoppers as major carbon dioxide supplier to restart production after govt talks

The owner of two UK fertiliser plants whose shutdown sparked a food supply crisis has agreed to restart production after talks with the government. CF Industries produces carbon dioxide – ... Read more »

Will China's new data security laws complicate Beijing's move to join Pacific Rim trade pact?

Beijing’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a multilateral trade pact covering modern issues such as digital trade, could prove complicated because of China’s ... Read more »

Surprise discovery suggests that black holes are more complex than thought

© Provided by Space An artist’s depiction of matter swirling around a black hole. Black holes might be more complex than scientists have thought, according to a new study, which ... Read more »

Amazon's Wheel of Time has recast a major character for season 2

The Wheel of Time season 2 has already hit a snag after one of its main characters had to be recast during production, according to a new report. Per Deadline, ... Read more »

An extremely rare Oculus Quest 2 deal is available for just this week

Do you and a buddy want an Oculus Quest 2? If you find yourself in that very specific scenario, then there’s great news! Oculus has just launched a new promotion ... Read more »

Tenways' e-bike debut blends value with style

In the age of electric mobility, the trusty bicycle has played a surprisingly low-key role; scooters seem to grab all the headlines (and app rental dollars). Instead, the e-bike has ... Read more »

More than two in five cars have damage owners won't bother to fix

© Provided by This Is Money MailOnline logo More than 14million cars on British roads are being driven with some form of damage, a study by AA Insurance claims. A ... Read more »

Arcam ST60

With Arcam having dabbled in network streaming with its compact Solo Uno and more serious SA30 just-add-speakers systems in recent times, it was only a matter of time before the ... Read more »

Half the UK can now receive 1Gbps broadband

Half of all UK premises now have access to gigabit broadband, according to new figures from ThinkBroadband, a dramatic increase from the 6% that received the fastest available speeds back ... Read more »

The best Netflix VPN 2021

Using a VPN for Netflix is among the most common reasons people get one in the first place. In fact, our recent survey found that two in five subscribers use ... Read more »

Flash sale: Samsung's The Frame TV gets a massive $300 price cut in epic deal

Score a massive price cut on Samsung’s stunning The Frame TV at the tech giant’s discover sale event. Today only, you can get this 75-inch Samsung The Frame QLED TV ... Read more »

Adobe Captivate review

A seriously big player in the digital realm, Adobe produces a number of compelling tools. Captivate has had a longer history than many others, having humble beginnings as a basic ... Read more »

Where to buy PS5: all the retailers to check for the Sony console

If you’re still wondering where to buy a PS5 you’re not alone. Those looking to make the most of the next generation are still hunting for those all-important PS5 consoles, ... Read more »

Want to be a Tesla FSD beta tester? You'll have to prove you're a good driver

Tesla’s Full Self Driving (FSD) feature has been in development for some time now, with a small group of beta testers running the software and Tesla hardware in real-world scenarios.  ... Read more »

Raspberry Pi nets major funding as PC demand grows during lockdowns

The organization behind the Raspberry Pi has managed to secure a $45 million (£33 million) investment riding on the success of its recent devices, including the Raspberry Pi 400 and ... Read more »

Amazon's new Kindle Paperwhite won't sear your eyeballs with blue light

Amazon today announced the latest version of its Kindle Paperwhite ($140) — it’s most popular Kindle — with at least four major updates that might actually make the Paperwhite a ... Read more »

Biden administration targets ransomware payment 'enablers'

WASHINGTON (AP) — The Biden administration took aim Tuesday at the financial marketplace for criminal ransomware gangs, announcing sanctions against a Russia-based virtual currency brokerage that officials say has processed ... Read more »

Microbiome: ‘good' gut bacteria really could help you lose weight – new study

People who lost weight had higher levels of certain beneficial bacteria in their gut. New Africa/ Shutterstock The trillions of microbes inside of our gut play many very important roles ... Read more »