EloElo Secures $80 Million to Expand Story TV and AI Tools

EloElo Group raised $80 million in a Series C funding round co-led by NBCUniversal and Hornbill Capital. The Bengaluru-based company, which operates the Indian microdrama platform Story TV, will use the capital to expand its operations and technology infrastructure. This investment brings the total funding for EloElo to $130 million.

The deal involved several other investors, including MIT Investment Co., Play Ventures, Kalaari Capital, Waterbridge Ventures, and Griffin Gaming Partners. Avendus Capital served as the sole financial advisor for the transaction. Saurabh Pandey, a former Flipkart executive, founded EloElo in 2020.

Story TV currently hosts more than 5,000 microdramas available in six languages. The platform adds a new title every three hours. The company reports that the average user spends 95 minutes per day on the app. Pandey stated that a billion people now reach for their phones before any other screen, noting that the entertainment built for them will be video first, in their own language, and in episodes that fit their day.

EloElo operates several other digital products alongside Story TV. These include Master, a micro learning app, and Voxy AI, an AI companion agent. The company recently introduced Dolphin AI, an agentic AI creative suite, at the FICCI Frames conference. Collectively, the group’s apps have exceeded 300 million installs and generate more than 40 million monthly active users. EloElo indicated that its revenue multiplied over the past year.

Deepak Arya, executive VP of corporate strategy and development at NBCUniversal, said the company sees opportunity in mobile-first storytelling and emerging formats like microdramas. Arya noted that EloElo has developed a differentiated approach with a clear focus on content and storytelling. He added that NBCUniversal is excited to bring its global capabilities to the partnership as EloElo expands beyond India, including into the U.S. market.

Manoj Thakur, founder and managing partner of Hornbill Capital, said the firm believes in combining strong creative capabilities with the ability to scale content through technology. Thakur noted that this combination is a core component of his investment thesis. Hornbill Capital, established in 2014, has previously invested in PhysicsWallah, KreditBee, Dhan, and Nazara Technologies.

The company plans to allocate the new funds toward original programming in local languages, an overseas launch for its microdramas, and further development of Dolphin AI. Omdia projects the global microdrama business will generate $14 billion before the end of 2026. Redseer estimates that 40 million Indians made at least one microdrama purchase during fiscal 2026, while Lumikai forecasts the local market will reach $4.5 billion by 2030.