EloElo raises $80m in Series C funding led by Hornbill Capital and NBCUniversal

Indian microdrama platform EloElo has raised $80 million in a Series C round led by Hornbill Capital and NBCUniversal, valuing the company at $500 million. The investment reflects growing interest in short, serialised mobile entertainment, as more than 118 million people in India watch microdramas each month.

EloElo’s Story TV has more than 33 million active users and a library of over 5,000 titles in six languages; users spend an average of 95 minutes a day on the app. The company has raised $130 million in total, while analysts expect India’s microdrama market to generate $3 billion to $4 billion a year by 2030. Turning viewers into paying subscribers remains difficult: estimates suggest 15 million to 17 million people pay monthly, while a survey found 72% have never paid.