EloElo Group raises $80 million for global micro drama expansion

By Daniel Okafor

EloElo Group raised $80 million in a Series C round led by Hornbill Capital and NBCUniversal, taking its total capital raised to $130 million.

MIT Investment Co. joined alongside existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners, among others, EloElo Group said. The Bengaluru-based company describes itself as a consumer AI and entertainment business.

EloElo Group said it achieved “multi-fold revenue growth over the past year” and had scaled with profitable unit economics. The company began monetizing in May 2024 and reported revenue of Rs 69.5 crore in FY25, with losses remaining largely flat.

EloElo Group has yet to file its FY26 results. That total includes the $13.5 million Series B that the company raised in April 2025.

Where will the $80 million go?

EloElo Group will use the fresh capital for three stated priorities:

• Fund original content across languages.
• Support the international launch of Story TV.
• Expand investment in Dolphin AI, its agentic AI creative suite.

The company will also expand its content slate toward premium originals. It plans to take its micro drama business into international markets, including the US.

The allocation connects three operating levers: content supply, international distribution and the tools that automate creative work, giving EloElo Group room to expand on several fronts.

How does the business earn attention?

Founded in 2020 by former Flipkart executive Saurabh Pandey, EloElo Group operates four products, according to the company:

• Story TV, a micro drama platform.
• Master, a micro learning platform.
• Dolphin AI, an agentic AI creative suite.
• Voxy AI, an AI companion agent.

Story TV offers more than 5,000 micro dramas across six languages, with a new drama launched every three hours, according to EloElo Group. The platform records 95 minutes of daily time spent per user, based on company data.

Across its apps, EloElo Group reports more than 40 million monthly active users and more than 300 million installs. The company also owns the content, distribution and AI-powered production engine behind its entertainment business.

That ownership gives EloElo Group direct control over the chain from content production to delivery, while its in-house AI tools add another layer to the operating model.

How large is the micro drama opportunity?

Omdia expects the global micro drama industry to generate $14 billion by the end of 2026.

Redseer estimates that 40 million people in India paid for a micro drama at least once in FY26.

Lumikai’s State of India Interactive Media Report projects India’s market to reach $4.5 billion by 2030.

The estimates capture different layers of demand: Omdia measures worldwide revenue, Redseer counts Indian payment adoption, and Lumikai sets an India-specific revenue horizon for the category.

Who does EloElo Group face?

In micro learning, EloElo Group says Master competes with Seekho, which counts Bessemer Venture Partners and Lightspeed among its backers and raised $28 million in a Series B round last September.

The $80 million Series C exceeds Seekho’s $28 million Series B by $52 million, although the two financings sit one round apart.

In micro drama, EloElo Group identifies Kuku TV and ShareChat’s Quick TV as Story TV competitors. The company also points to Flipkart’s entry into the segment and Pocket FM’s return with Pocket Saga after Pocket TV’s shutdown.

What will investors watch next?

EloElo Group’s FY26 filings will provide the next hard measure of the strategy. Until then, the operating baseline consists of more than 40 million monthly active users, more than 300 million installs and Rs 69.5 crore in FY25 revenue.

The US launch of Story TV, premium originals and expanded investment in Dolphin AI will test whether that operating base can support broader growth without eroding the profitable unit economics EloElo Group has claimed.