EloElo raises $80M Series C led by Hornbill Capital and NBCUniversal
EloElo Group, the Bengaluru company behind the Story TV microdrama app, announced an $80 million Series C on November 4, 2026. <cite index="4-1,4-2">Hornbill Capital and NBCUniversal co-led the round, which is meant to support expansion beyond India, including into the U.S.</cite> <cite index="4-3">MIT Investment Management Company joined alongside existing backers Play Ventures, Kalaari Capital, WaterBridge Ventures and Griffin Gaming Partners.</cite> <cite index="3-6">The latest round takes total capital raised to $130 million, which includes a $13.5 million Series B round raised in April 2025.</cite>
According to TechStartups, which covered the deal in its November 4 funding roundup, <cite index="21-8">founder Saurabh Pandey said more than 95% of the financing consists of primary capital, with a smaller portion providing liquidity to early angel investors.</cite> <cite index="21-6,21-7">Mint reported that the round values the company at approximately $500 million, citing a person familiar with the transaction, but EloElo did not disclose the valuation directly.</cite> <cite index="4-5">Avendus Capital served as sole financial advisor on the deal.</cite>
On the business side, <cite index="1-4">Story TV carries a slate of over 5,000 micro dramas in six languages</cite>, and <cite index="3-5">across its apps, EloElo Group has over 40 million monthly active users and has crossed 300 million installs.</cite> <cite index="12-10">EloElo began monetising in May 2024 and reported revenue of Rs 69.5 crore in FY25, with losses remaining largely flat.</cite> <cite index="23-1">The company said it will use the proceeds to produce original shows in local languages, launch Story TV in international markets including the United States, and expand Dolphin AI, its agentic creative suite.</cite>
Why it matters
For AI companies, this round shows a major media group backing a consumer product built on AI-assisted production rather than a standalone tool. <cite index="4-7">NBCUniversal's executive said the company sees significant opportunity in mobile-first storytelling and emerging formats like microdramas.</cite> <cite index="4-8">The company said it wants to bring NBCUniversal's global capabilities to the partnership as EloElo expands beyond India.</cite> Founders should read that as access to content and distribution relationships, but <cite index="23-7">founder Saurabh Pandey told The Economic Times that no immediate distribution partnership is planned.</cite>
Operators selling into entertainment should weigh what a strategic partner expects in return. A studio or network with a large audience can bring placement, rights or creative input that comes with conditions, and the reporting does not describe any terms NBCUniversal received. Funders should note that <cite index="21-8">the round is mostly primary capital</cite>, and that the roughly $500 million figure comes from a press report rather than a company disclosure.
Key points
- 1Total funding now reaches about $130 million, including a $13.5 million Series B from April 2025.
- 2Founder Saurabh Pandey says over 95% of the round is primary capital, with the rest going to early angel liquidity.
- 3Mint reported a valuation of about $500 million, citing a person familiar with the deal, while EloElo did not disclose one.
- 4Story TV hosts more than 5,000 microdramas in six languages, and the group reports over 40 million monthly active users.
- 5Proceeds will fund local-language originals, a US launch for Story TV and expanded work on Dolphin AI.
Analysis
Microdramas are <cite index="8-9">short, serialized videos made for phones.</cite> <cite index="24-2">Hollywood stars are also diving into microdramas to be part of the growth trend.</cite> EloElo's capital base has grown quickly: its earlier Series B was $13.5 million, and this Series C is roughly six times that size. The reporting does not name direct rivals, so this brief cannot place EloElo against other microdrama operators. User figures also vary by source. <cite index="8-7">One report cites Sensor Tower data showing more than 33 million active users for Story TV, while the company's 40 million figure covers all of its apps.</cite>
A strategic investor changes both the cap table and the roadmap. NBCUniversal's stated aim is to help EloElo enter the United States, but no distribution deal has been announced, so a placement on a US service remains open. <cite index="24-9">EloElo plans to make its AI tools available for others to use, but Pandey told TechCrunch that he believes human involvement is still paramount in producing good stories.</cite> That position matters for founders who expect AI tools to replace writers or producers, since the company is betting that AI speeds production while people still shape the stories.
Three items are worth tracking. First, whether the US launch arrives with a named platform and disclosed partner terms. Second, whether Dolphin AI is opened to outside creators or studios, which would move EloElo closer to a tool vendor. Third, whether the company releases figures behind its growth claims. <cite index="3-7">EloElo said it achieved multi-fold revenue growth over the past year and has scaled with profitable unit economics.</cite> No specific revenue or profit numbers beyond FY25 have been published in the reporting reviewed here.