The owner of Story TV plans more original programming, international expansion and AI-assisted production after a round reportedly valuing the company at $500 million.
India's EloElo Group has raised $80 million in a Series C co-led by NBCUniversal and Hornbill Capital, bringing its total capital raised to approximately $130 million.
MIT Investment Co. and existing investors Play Ventures, Kalaari Capital, WaterBridge Ventures and Griffin Gaming Partners participated. Multiple reports place the company's valuation around $500 million, citing people familiar with the investment rather than a valuation publicly confirmed in the announcement.
EloElo was founded in 2020 by former Flipkart executive Saurabh Pandey. Its Story TV platform distributes serialized, short-form dramas designed for mobile consumption, with brief episodes that encourage viewers to return frequently.
Television Rebuilt for the Phone
The company says Story TV has more than 5,000 titles across six Indian languages. Pandey told TechCrunch that users spend roughly 95 minutes per day on the app on average. Industry analysis cited by the outlet places active users above 33 million, though those figures come from different sources and should not be treated as audited financial results.
For traditional media investors, microdramas represent a potentially powerful combination of low-friction discovery and high engagement. Instead of scheduling a long television episode, viewers can consume serialized stories through short sessions and continue watching throughout the day.
NBCUniversal's participation indicates that established entertainment companies increasingly see mobile-native storytelling as a format worth investing in, not merely a promotional channel for traditional shows.
Expansion Beyond India
EloElo plans to invest in premium content in Indian languages and test international markets, including the United States. It also operates Dolphin AI, a production and creative toolset intended to support a faster content pipeline.
The company faces a familiar media challenge: attention does not automatically translate into attractive margins. Producing a steady supply of compelling shows, acquiring users economically and retaining paying viewers require continued spending and experimentation.
Its ability to produce, localize and distribute stories efficiently could become an advantage, but detailed revenue, profitability and customer acquisition figures were not disclosed.
The $80 million financing is therefore a bet on a new distribution model for scripted entertainment. If EloElo succeeds, the next major entertainment platform may resemble neither traditional television nor a conventional streaming subscription service.
Sources: Reuters · Moneycontrol · TechCrunch