Eloelo raises $13 million in Series B Funding to boost social gaming and live streaming

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Eloelo, a live streaming and social gaming platform, has secured ₹114 crore (around $13 million) in its Series B round. The fresh funds are aimed at strengthening its gaming features and expanding its creator-driven live entertainment formats.

According to a report by Entrackr, the Series B round was led by Play Ventures Investments with participation from multiple investors. These include Gameskraft Technologies, WestBridge Capital, Kalaari Capital, Countryside Ventures, Rocket Capital, MIXI Global, and angel investors Veenita and Vinay Mittal.

Eloelo plans to use the funding to scale its platform, which currently supports more than 1,000 live streams per day. The company offers over 50 live games and entertainment formats, many of which are rooted in traditional Indian activities like tambola and antakshari.

Founded by Saurabh Pandey and Akshay Dubey, Eloelo allows creators to host games and engage with audiences in real time. The platform has raised more than $50 million to date, including a $22 million pre-Series B round co-led by Courtside Ventures and Griffin Gaming Partners.

A regulatory filing shows Eloelo’s board approved the issuance of 1,696 Series B compulsory convertible preferred shares at ₹6,73,997 each. This brings the total to ₹114 crore. Play Ventures is contributing ₹34.7 crore, while Gameskraft, Kalaari Capital, and WestBridge Capital are investing ₹21.7 crore, ₹13 crore, and ₹8.7 crore respectively.

Post-allotment, Eloelo is estimated to be valued at ₹1,026 crore (approximately $121 million). Play Ventures will hold a 3.38% stake, with Countryside Ventures and Gameskraft at 4.46% and 2.12%. Kalaari Capital’s stake will increase to 6.35%.

Despite strong user engagement, Eloelo remained in its pre-revenue stage during FY24. Losses more than doubled to ₹99 crore in the same period.

India’s social gaming and live streaming market is evolving rapidly. Platforms like Loco, Rooter, and Turnip lead in gaming, while Chingari, ShareChat, and Bolo Live expand into live and casual gaming. The convergence of content, gaming, and community is defining a new era in Indian digital entertainment.

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