Eloelo secures $13M in Series B funding led by Play Ventures

Eloelo, the India-based social gaming and live streaming platform, has raised approximately $13 million (INR 114 crore) in a Series B funding round, according to a regulatory filing. The round is being led by Play Ventures Investments, with participation from Gameskraft Technologies, Kalaari Capital, WestBridge Capital, and other investors, as the platform continues to navigate the evolving digital entertainment space.

Share allotment confirms round structure

The company has approved a special resolution to issue 1,696 Series B compulsorily convertible preference shares at an issue price of INR 6,73,997 each, totaling INR 114 crore, according to records filed with the Registrar of Companies. This round sees Play Ventures taking the lead with an investment of INR 34.7 crore, followed by Gameskraft Technologies with INR 21.7 crore, Kalaari Capital with INR 13 crore, and WestBridge Capital contributing INR 8.7 crore. Additional funding is being provided by Countryside Ventures, Rocket Capital, MIXI Global, and individual investors Veenita and Vinay Mittal.

Following the allotment, Play Ventures will hold a 3.38% stake in the company, while Countryside Ventures, Gameskraft, and Kalaari Capital will hold 4.46%, 2.12%, and 6.35% respectively.

Eloelo’s total funding surpasses $50 million

With this new investment, Eloelo has now raised over $50 million in total funding. In 2023, the company closed a $22 million pre-Series B round, which was co-led by Courtside Ventures and Griffin Gaming Partners. Based on estimates from Entrackr, the company’s valuation post-allotment stands at around INR 1,026 crore (approximately $121 million).

Native games in live formats

Founded by Saurabh Pandey and Akshay Dubey, Eloelo differentiates itself by offering a wide range of culturally familiar games like tambola, antakshari, and musical chairs in a live, interactive format. The platform reports having more than 50 live game categories and claims that over 1,000 live streams are hosted daily by creators engaging with their communities.

Revenue remains elusive amid user activity

Despite its growing user engagement, the platform did not generate revenue in the fiscal year ending 2024. Financial documents indicate that the company's losses more than doubled during the same period, reaching INR 99 crore. Kalaari Capital remains one of the key early backers.

Competitive landscape in India’s social gaming

India’s social gaming and live streaming ecosystem continues to evolve, with platforms such as Loco, Rooter, and Turnip focusing on core gaming, while apps like Chingari, ShareChat, and Bolo Live are blending social interaction with casual gaming formats. In this space, Eloelo is positioning itself at the intersection of content, gaming, and community engagement as it expands its offerings and investor base.