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EloElo Raises $80M Series C from NBCUniversal to Expand Microdrama Platform in India
Key points
- EloElo raised $80 million in Series C funding.
- Investors include Hornbill Capital and NBCUniversal.
- Total funding is now $130 million, valuation at $500 million.
- Story TV app has over 33 million active users in India.
Funding for Microdrama Growth
EloElo, an Indian company operating the microdrama platform Story TV, has announced an $80 million Series C funding round. The investment came from Hornbill Capital and NBCUniversal, increasing EloElo's total capital raised to $130 million and valuing the company at $500 million.
Rising Popularity of Microdramas
Microdramas, a serialized vertical video format, have gained significant traction in India, with over 118 million monthly viewers. EloElo's Story TV is a leading platform in this segment, reporting over 33 million active users. This content format is also popular in other regions like the U.S. and China.
Market Opportunity in India
India's large internet user base and demand for entertainment content present a substantial market for microdramas. Analysts predict the industry could generate $3-4 billion in annual revenue by 2030. Dedicated microdrama apps, including Story TV, were among the most downloaded video streaming applications in India last year.
User Engagement and Content Strategy
Founded in 2020, Story TV offers a catalog of over 5,000 titles in six languages. Users spend an average of 95 minutes daily on the app across multiple sessions, drawn by the snackable content format. EloElo's founder, Saurabh Pandey, believes mobile-first, serialized entertainment is key for the next generation of internet users. The company plans to differentiate itself from free platforms like YouTube and TikTok by focusing on producing quality content and forming partnerships, such as with Indian TV production companies.
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Reporting from
Indian microdrama platform EloElo secured $80 million in Series C funding from Hornbill Capital and NBCUniversal, bringing its total funding to $130 million at a $500 million valuation. The company's Story TV app, with over 33 million active users, is capitalizing on the growing popularity of serialized vertical video content in India, a market projected to reach $3-4 billion by 2030.