Bengaluru-based EloElo Group announced on November 4 that it has raised $80 million in a Series C round. Hornbill Capital and NBCUniversal led the round. The startup wants to ride the rising demand for microdramas and build a wider consumer AI and entertainment business.
MIT Investment Co. joined the round. So did existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners. The company has now raised $130 million in total. Moneycontrol first reported its fundraising plans in March 2026.
Fast Growth at Story TV
The funding comes as EloElo sees quick growth in users and revenue. Story TV, its microdrama app, is the main driver and has become a front-runner in India’s fast-growing microdrama market. Lumikai, a venture capital firm focused on interactive media and gaming, expects the segment to reach $4.5 billion by 2030.
Story TV offers more than 5,000 microdramas in six languages. It adds a new title every three hours. Users spend about 95 minutes a day on the app on average. It has recorded more than 130 million installs in the past 15 months.
Beyond Microdramas
Saurabh Pandey founded EloElo Group in 2020. It also runs Master, a microlearning platform, and Voxy AI, an AI companion agent. It recently launched Dolphin AI, an agentic AI creative suite. Dolphin AI is in early-access beta.
Manoj Thakur, Founder and Managing Partner of Hornbill Capital, said EloElo combines strong creative skills with the ability to scale content through technology. He said Hornbill strongly believes in that mix. He added that the team’s execution, financial discipline and AI capabilities put it in a good position for its next stage of growth.
Where the Money Will Go
EloElo plans to invest the funds in premium original content across languages. It will also strengthen its AI capabilities and pursue international expansion.
