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.”