NEW DELHI: Dwell leisure and social gaming platform Eloelo on Wednesday stated it has raised $22 million in its Pre-Collection B spherical, led by Courtside Ventures and Griffin Gaming Companions.
The funding shall be used to associate with extra creators and develop new instruments for them, appeal to extra expertise throughout tech and product, and bolster monetisation efforts, the startup stated in a press release.
The funding spherical was joined by MIXI Inc, together with present backers Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures and Rocket Capital.
With this recent funding, Eloelo has raised $37.5 million so far. The spherical comes 14 months after its Collection A spherical of $13 million in June 2022.
“Our development of 400 per cent YoY showcases the love customers have given the product. This fundraise in such a testing macro setting additional enforces the idea our traders have in our imaginative and prescient,” stated Saurabh Pandey, CEO and Founding father of Eloelo.
Eloelo, ranked among the many high three apps in India on the Google Play Retailer in leisure, has over 37 million customers and 120,000 creators.
“Eloelo is pioneering a brand new type of leisure in India. Via a singular mixture of recreation participation inside reside streaming, they’re constructing the subsequent technology of social networking that permits true interactivity inside their neighborhood,” stated Kai Bond, Accomplice at Courtside Ventures.
The first distinguishing options embody its capacity to get customers to easily push-to-talk inside numerous chat rooms, in-house video games built-in into reside streams and its give attention to clear leisure for household audiences.
A latest report estimates the worldwide live-streaming market at $46 billion, with India’s present share at $2 billion.
The app is reside in six languages. It stated it makes use of a mix of AI and handbook content material moderation to keep up a safe setting for all customers.
“Eloelo is reworking livestreams into charming experiences that translate to deep viewers engagement”, stated Nick Tuosto, Managing Director and Co-founder of Griffin Gaming Companions.
