Eloelo, a Bengaluru-based social gaming and live streaming startup, has raised Rs 114 crore (roughly $13 million) in a fresh Series B funding round, as the platform gears up to scale its presence in India’s fast-growing digital entertainment space.
The latest round was led by Play Ventures Investments, with participation from gaming giant Gameskraft Technologies, Kalaari Capital, WestBridge Capital, and a clutch of other institutional and individual backers, according to filings with the Registrar of Companies.
Play Ventures emerged as the lead investor, infusing nearly Rs 34.7 crore, followed by Gameskraft with Rs 21.7 crore. Kalaari and WestBridge contributed Rs 13 crore and Rs 8.7 crore, respectively. Other investors include Countryside Ventures, Rocket Capital, MIXI Global, and angel investors Veenita and Vinay Mittal.
Founded by Saurabh Pandey and Akshay Dubey, Eloelo blends interactive gaming with creator-led live content, offering a unique mix of entertainment tailored for Gen Z audiences. With this latest round, the startup has now raised over $50 million in total funding, including a $22 million pre-Series B round previously led by Courtside Ventures and Griffin Gaming Partners.
Post-funding, Eloelo’s valuation is pegged at approximately Rs 1,026 crore ($121 million), as per data sourced by Entrackr. Updated shareholding details show Play Ventures now holds a 3.38% stake, while Countryside Ventures has acquired 4.46%. Gameskraft and Kalaari Capital hold 2.12% and 6.35% respectively.
The funding comes at a time when India’s social entertainment landscape is witnessing a rapid convergence of gaming, streaming, and community interaction. Eloelo competes with platforms like Loco, Rooter, and Turnip in the gaming space, while also going up against content-centric apps like Chingari, ShareChat, and Bolo Live, which are increasingly incorporating casual games and live engagement tools.