Total amount raised
$37.5 Millions
Latest funding date
9/1/2023
Location
EloElo has successfully raised ₹1,140,000,000 over multiple funding rounds, attracting a diverse group of investors. The platform offers a unique social gaming experience, integrating live video and audio chatrooms with interactive games.
Keep reading to explore the intricacies of EloElo's fundraising journey and the investors backing this innovative platform.
What Is EloElo?
Founded in February 2020, EloElo is a Bengaluru-based social gaming platform. The company was established by Akshay Dubey and Saurabh Pandey. EloElo employs between 101 and 250 people.
EloElo offers a digital space where users can engage with content creators through live video and audio chatrooms. The platform features live social gaming, content monetization channels, and creator support tools.
For more details, visit their official website or check out their Crunchbase profile.
How Much Funding Has EloElo Raised?
- Seed Round
- Amount Raised: $450K
- Date: July 2020
- Lead Investors: WaterBridge Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop initial features.
- Seed Round
- Amount Raised: $2.1M
- Date: July 2021
- Lead Investors: Lumikai, WaterBridge Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's user base and enhance gaming features.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: August 2021
- Lead Investors: Google for Startups
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive strategic support and resources from Google.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and attract more users.
- Series A
- Amount Raised: ₹1B
- Date: June 2022
- Lead Investors: Kalaari Capital, KB Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance monetization strategies.
- Series B
- Amount Raised: $22M
- Date: September 2023
- Lead Investors: Courtside Ventures, Griffin Gaming Partners
- Valuation at Round: Estimated between $100-150 million
- Motivation Behind the Round: To expand business reach and develop new tools for creators.
Total Amount Raised: $24.55M
Current Valuation: Estimated between $100-150 million
Key Investors
- Courtside Ventures
- Details: Courtside Ventures is a venture capital firm that invests in early-stage companies across sports, media, and gaming. They focus on leveraging their industry expertise to help startups grow and succeed.
- Investment Focus Areas: Sports, media, gaming.
- Notable Investments: The Athletic, StockX, 100 Thieves.
- Griffin Gaming Partners
- Details: Griffin Gaming Partners is a venture capital firm focused on investing in the global gaming market. They aim to support innovative companies that are shaping the future of gaming.
- Investment Focus Areas: Gaming, media.
- Notable Investments: Discord, AppLovin, Overwolf.
- Kalaari Capital
- Details: Kalaari Capital is an early-stage, technology-focused venture capital firm based in India. They have a strong track record of supporting startups in their growth journeys.
- Investment Focus Areas: Technology startups, early-stage companies.
- Notable Investments: Dream11, Myntra, Cure.fit.
- WaterBridge Ventures
- Details: WaterBridge Ventures is an early-stage venture capital firm that invests in technology-driven businesses. They provide strategic support to help startups scale.
- Investment Focus Areas: Technology-driven businesses, early-stage companies.
- Notable Investments: Unacademy, Chalo, Magicpin.
- Lumikai
- Details: Lumikai is India’s first gaming and interactive media-focused venture capital fund. They aim to support the next generation of gaming and interactive media companies.
- Investment Focus Areas: Gaming, interactive media.
- Notable Investments: Bombay Play, Loco, Zupee.
What's Next for EloElo?
With the recent $22 million funding round, EloElo is poised to capitalize on the burgeoning social gaming and livestreaming market. The platform plans to expand its business reach, develop innovative tools like AR filters and AI-based moderation, and enhance content engagement. These advancements align with industry trends favoring interactive and creator-led content, positioning EloElo for substantial growth.
Future fundraising opportunities appear promising, given the strong investor confidence demonstrated in the latest round. EloElo's focus on expanding its user base and enhancing platform capabilities could attract further investment, potentially leading to additional funding rounds or strategic acquisitions. However, the company will need to navigate challenges such as intense competition and the need for continuous innovation to maintain its edge in a rapidly evolving market.
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