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Eloelo in talks to raise $50-60 million

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In short

Eloelo is in talks to raise $50-60 million, led by Hornbill Capital, to expand its micro-drama business, Story TV, which has boosted collections by more than tenfold to $250 million. The aggressive performance marketing strategy has been crucial to the company's growth.

Key points

  • Eloelo aims to raise $50-60 million to expand its micro-drama business.: Eloelo aims to raise $50-60 million to expand its micro-drama business.
  • The funding round is led by Hornbill Capital.: The funding round is led by Hornbill Capital.
  • The expansion of Story TV has boosted collections by more than tenfold to $250 million.: The expansion of Story TV has boosted collections by more than tenfold to $250 million.

Sources checked by our analysis pipeline: 1

Live social entertainment platform Eloelo is in advanced stages of closing a $50-60 million (about Rs 480-580 crore) funding round led by Hornbill Capital, with participation from existing investors, at a valuation of around $400 million, according to people familiar with the development.The potential funding follows a sharp expansion of Eloelo's micro-drama business, Story TV, which has helped lift annualised collections more than tenfold to

Eloelo in talks to raise $50-60 million at $400 million valuation

Synopsis

The potential funding follows a sharp expansion of Eloelo's micro-drama business, Story TV, which has helped lift annualised collections more than tenfold to around $250 million over the past year. The Bengaluru-based company has used aggressive performance marketing to scale up Story TV, which offers short, vertically filmed fiction across genres such as romance and thrillers, the people said.

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Original source: economictimes.indiatimes.com

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