Latest News | Eloelo Raises USD 22 Million from New, Existing Investors

New Delhi, Sep 20 (PTI) Live entertainment and gaming platform Eloelo has raised USD 22 million in a funding round from a mix of new and existing investors, the company said on Wednesday.

The round was jointly led by Courtside Ventures and Griffin Gaming Partners.

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MIXI Inc, along with existing backers Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures and Rocket Capital, also participated in the round, the company said in a statement.

"Our growth of 400 per cent year-on-year showcases the love users have given to the product. This fundraise in such a testing macro environment further enforces the belief our investors have in our vision," Eloelo CEO and Founder Saurabh Pandey said.

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With this, Eloelo's total fundraise touched $37.5 million.

"The funds from this round will be utilised to forge partnerships with creators, develop innovative tools across artificial intelligence and augmented reality for them, attract a broader pool of tech and product talent and strengthen revenue generation and monetisation initiatives," the statement said.

The fresh round comes 14 months after it raised USD 13 million in June 2022.

Eloelo ranks among the top 3 apps in India on Google Play Store in entertainment, combining audio and video live chatrooms with interactive games and shows that enable millions of users and creators to connect with each other, the statement said.

The platform claims to have over 37 million users and 1.2 lakh creators.

"Courtside is thrilled to co-lead the investment in Eloelo alongside Griffin Gaming Partners," Courtside Ventures Partner Kai Bond said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)