Eloelo Raises $13.5 Million to Expand India Operations

Eloelo, a Bengaluru-based social gaming and live streaming platform, has raised Rs 114.3 crore ($13.5 million) in Series B funding led by Play Ventures, with contributions from several investors including Gameskraft Technologies and Kalaari Capital. This funding round aims to expand Eloelo's operations and enhance its monetization efforts as it continues to grow within India's digital entertainment sector. Despite its rapid user growth and the raising of over $50 million in total funding, Eloelo remains in the pre-revenue stage, reporting zero operating revenue for FY24 and incurring a net loss of Rs 99 crore. The platform combines interactive live streams with traditional games, catering predominantly to Gen Z audiences and positioning itself amid rising competition in the social entertainment market. Eloelo's founders emphasize the platform's goal of fostering community engagement through innovative content and gamified experiences. As the creator economy thrives in India, Eloelo aims to solidify its role as a key player in this evolving landscape.