NBCUniversal and India-focused investment firm Hornbill Capital have co-led an $80 million Series C round in EloElo Group, the Bengaluru-based company behind Indian microdrama platform Story TV.
\n\nMIT Investment Co. joined the round alongside existing backers Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners, among others. The raise takes EloElo’s total funding to $130 million. Avendus Capital served as sole financial advisor on the deal.
\n\nEloElo was founded in 2020 by CEO Saurabh Pandey, a former Flipkart executive.
\n\n“At NBCUniversal, we see significant opportunity in mobile-first storytelling and emerging formats like microdramas to engage audiences and meet evolving viewing habits. Under Saurabh’s leadership, EloElo has developed a differentiated, mobile-first approach with a clear focus on content and storytelling, positioning the company for long-term success. We’re excited to bring NBCUniversal’s global capabilities to the partnership as EloElo expands beyond India, including into the U.S. market,” said Deepak Arya, executive VP of corporate strategy and development at NBCUniversal.
\n\nStory TV now carries more than 5,000 microdramas in six languages and adds a new title every three hours, with each user spending 95 minutes a day on the app on average.
\n\n“A billion people now reach for the phone before any…
Original source: https://variety.com/v/tv/