EloElo Group raised $80 million in a Series C round to fund plans to take its Story TV microdramas beyond India, produce more shows and develop its video production tools.
Hornbill Capital and NBCUniversal led the round, EloElo said Nov. 4. MIT Investment Co. joined returning investors Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners. EloElo’s website lists $130 million raised in total following the investment.
The Indian company plans to produce more original shows in Indian languages and continue developing Dolphin AI, its video production suite. It also plans to bring Story TV to international markets. Deepak Arya, NBCUniversal executive vice president for corporate strategy and development, said EloElo’s expansion plans include the United States. The Nov. 4 announcement gave no overseas launch date.
EloElo said Story TV has more than 5,000 microdramas in six languages. It reported more than 40 million monthly active users across all its apps, rather than for Story TV alone.
The funding comes as India’s microdrama platforms work to retain paying viewers. Redseer Strategy Consultants estimated in a Sept. 3 report that 15 million to 17 million people paid for microdramas in an average month. In an Oct. 14 analysis, it said about 40 million people had paid at least once in FY26. The difference between those figures points to a challenge in turning occasional purchases into regular payments.
Redseer linked demand for the short videos to mobile viewing and affordable data. It said advertising and small payments could help platforms reach viewers who do not maintain subscriptions, and drew a comparison with ad-supported viewing models in China.
EloElo founder and chief executive officer Saurabh Pandey said the company expected to file its FY26 financial results by December, Business Standard reported. The filing would provide the next stated measure of its financial performance.
