NBCUniversal and India-focused investment firm Hornbill Capital co-led an $80 million Series C round in EloElo Group, the Bengaluru-based company behind Indian microdrama platform Story TV.
MIT Investment Co. participated in the round along with existing backers Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners, among others. The increase brings EloElo’s total funding to $130 million. Avendus Capital served as sole financial advisor on the deal.
EloElo was founded in 2020 by CEO Saurabh Pandey, a former Flipkart executive.
“At NBCUniversal, we see significant opportunity in mobile-first storytelling and emerging formats such as microdramas to engage audiences and meet evolving viewing habits. Under Saurabh’s leadership, EloElo has developed a distinctive, mobile-first approach with a clear focus on content and storytelling, positioning the company for long-term success. We are excited to bring NBCUniversal’s global capabilities to the partnership as EloElo expands beyond India, including the US market,” he said. Deepak Arya is vice president of corporate strategy and development at NBCUniversal.
Story TV now airs more than 5,000 microdramas in six languages, adding a new title every three hours; Each user spends an average of 95 minutes a day on the application.
“A billion people now access phones before other screens, and the entertainment created for them will primarily be video in their own language, in sections appropriate to their day,” Pandey said.
Besides Story TV, the group runs microlearning app Master, AI co-agent Voxy AI, and agent AI creator suite Dolphin AI, which it recently unveiled at the FICCI Frames conference. The group’s apps have more than 40 million total monthly active users and have surpassed 300 million installs; EloElo said its revenue has grown exponentially in the past year.
The company will pour the new money into original programming in local languages, the overseas launch of its microdramas, and further development of Dolphin AI, among other projects.
“Story TV shows us what India wants to watch and Dolphin AI gives us the economics to do that, which is how we scale with solid unit economics,” Pandey said.
Hornbill Capital, founded by Manoj Thakur in 2014, had previously invested in PhysicsWallah, KreditBee, Dhan and Nazara Technologies.
“EloElo Group combines strong creative capabilities with the ability to scale content through technology, something we believe deeply in,” said Thakur, the firm’s founder and managing partner.
Research firm Omdia predicts that the global microdrama business will generate $14 billion in revenue by 2026. Redseer estimates that 40 million Indians will buy at least one microdrama in fiscal 2026, while a report from Lumikai predicts the domestic market will reach $4.5 billion by 2030.