Eloelo To Raise INR 114 Cr From Play Ventures, Kalaari, Others

Live social entertainment platform Eloelo is raising INR 114.3 Cr ($13.2 Mn) as part of its Series B funding round led by gaming-focussed venture capital firm Play Ventures Investments.

The round also saw participation from Kalaari Capital, WaterBridge Capital, Gameskraft Technologies, MIXI, Courtside Ventures, Rocket Capital, Griffin Gaming Partners and a couple of angel investors.

As per regulatory filings with the Registrar of Companies (RoC), Eloelo’s board on April 4 passed a special resolution to issue 1,696 Series B compulsory convertible preferred shares (CCPS) at an issue price of INR 6.73 Lakh each.

While Singapore-based Play Ventures Investments pumped INR 34.71 Cr, Gameskraft and Kalaari infused INR 21.7 Cr and INR 13 Cr, respectively. While WaterBridge, Courtside Ventures and Japan’s MIXI Global Investments each invested INR 8.69 Cr, Rocket Capital pumped INR 9.57 Cr in the startup.

Following the infusion, Kalaari Capital will own 6.35% in the company while Play Ventures and Countryside Ventures will hold 3.38% and 4.46% shareholding in Eloelo, respectively.

The development was first reported by Entrackr.

Founded in 2020 by Saurabh Pandey and Akshay Dubey, Eloelo is a social gaming and live streaming platform that allows users to play interactive online games. Creators can also host games on the platform for their community across games such as tambola, antakshari, and musical chairs.

The led by Courtside Ventures and Griffin Gaming Partners in September 2023. To date, the startup has raised more than $50 Mn in funding.

As per Tofler, the pre-revenue startup saw its net losses zoom more than 128% to INR 99.06 Cr in the fiscal year 2023-24 (FY24) compared to INR 43.35 Cr in FY23.

The fundraise comes at a time when the for the last few years. While the likes of Chingari and ShareChat raised millions of dollars during the capital mania of 2021, falling user engagement and no clear path to monetisation forced them on the path of course correction.

However, many local players in the social media space have expanded into the live and casual gaming space to deepen engagement and create alternate streams of revenue.

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