EloElo Group Raises $80 Million in Series C Led by Hornbill Capital and NBCUniversal

Bengaluru-based consumer AI and entertainment company EloElo Group has raised $80 million in a Series C funding round led by Hornbill Capital and NBCUniversal. The round also saw participation from MIT Investment Co. and existing investors, including Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners.

The company plans to use the fresh capital to expand its original content production across multiple languages, support the international launch of its micro drama platform Story TV, and accelerate development of Dolphin AI, its agentic AI creative suite.

Founded in 2020 by former Flipkart executive Saurabh Pandey, EloElo Group operates across consumer entertainment, micro learning and AI-powered products. Its portfolio includes Story TV, Master, Dolphin AI and Voxy AI.

Story TV expands its micro drama catalogue

Story TV is EloElo Group's micro drama platform, offering more than 5,000 short-form dramas across six languages. According to the company, it launches a new drama every three hours and records an average of 95 minutes of daily time spent per user.

The company plans to invest further in premium original content and expand Story TV into international markets, including the United States.

Micro dramas are becoming an increasingly important format in digital entertainment, with short, episodic stories designed primarily for mobile consumption. According to Omdia, the global micro drama industry is expected to generate $14 billion by the end of 2026.

In India, Redseer estimates that 40 million people paid for a micro drama at least once in FY26. Lumikai's State of India Interactive Media Report projects the Indian market could reach $4.5 billion by 2030.

40 million monthly active users across its apps

Beyond Story TV, EloElo Group operates Master, a micro learning platform, Dolphin AI, an AI-powered creative suite, and Voxy AI, an AI companion agent.

The company says its apps collectively have more than 40 million monthly active users and have crossed 300 million installs. EloElo Group also owns the content, distribution and AI-powered production infrastructure behind its entertainment business.

The latest funding round takes its total capital raised to $130 million. This includes a $13.5 million Series B round led by Play Ventures in April 2025.

Revenue growth and profitability

EloElo Group said it recorded multi-fold revenue growth over the past year and has scaled its operations with profitable unit economics.

The company began monetising in May 2024. It reported revenue of Rs 69.5 crore in FY25, while its losses remained largely flat. Its FY26 financial results have not yet been filed.

The fresh funding will support further investment in content production, international expansion and AI capabilities. The company is also looking to strengthen Dolphin AI as it expands its agentic AI creative tools.

Competition in India's micro drama market

EloElo Group is operating in an increasingly competitive consumer entertainment market.

Its micro learning platform Master competes with Seekho, which is backed by Bessemer Venture Partners and Lightspeed and raised $28 million in a Series B round last September.

In the micro drama segment, Story TV competes with Kuku TV and ShareChat's Quick TV. Flipkart has also entered the category, while Pocket FM has re-entered the market with Pocket Saga after shutting down Pocket TV.

With $80 million in fresh capital, EloElo Group is looking to strengthen its position across micro dramas, consumer AI and digital entertainment while taking Story TV into international markets.