India’s EloElo Raises $80M Led by NBCUniversal to Expand Microdrama Market Presence

Image: EloElo founder Saurabh Pandey Image Credits: EloEloImage Credits:EloElo · Source

EloElo secures $80 million in Series C funding from NBCUniversal and Hornbill Capital to grow its Story TV microdrama platform, capitalizing on India's booming serialized vertical video market with over 33 million active users.

India’s EloElo, the parent company of the microdrama streaming app Story TV, has raised $80 million in a Series C funding round led by NBCUniversal and Hornbill Capital, bringing its total funding to $130 million and reaching a valuation of $500 million. The company is betting on the rapidly growing microdrama format, which sees over 118 million monthly viewers in India. Story TV alone reportedly has 33 million monthly active users, making it one of the country’s leading platforms for short, serialized video content.\n\nFounded in 2020 by former Flipkart executive Saurabh Pandey, Story TV offers a catalog of more than 5,000 titles across six languages. The app’s snackable, serialized storytelling format resonates with users, who spend an average of 95 minutes daily across multiple sessions. Pandey highlights a generational shift in content consumption, noting that future users will primarily engage with entertainment on mobile devices rather than traditional television, favoring brief, episodic content tailored to mobile viewing habits.\n\nEloElo operates in a competitive environment alongside platforms like YouTube, Instagram, and TikTok, which also feature free user-generated content. However, the company differentiates itself through investments in quality storytelling and partnerships with established producers like Balaji Telefilms. Story TV offers subscription tiers and ad-supported free content, though converting users into paying subscribers remains challenging in India’s price-sensitive market. Analysts estimate that while over 40 million people have paid for microdramas at least once, only about 15 to 17 million subscribe monthly.\n\nEloElo is also advancing artificial intelligence to scale content creation and improve workflows. Its Dolphin AI platform, initially an internal video editing and generation tool, is planned for wider release to serve marketing and content production needs. Pandey emphasizes the collaborative role of AI as a creative aid rather than a replacement, likening AI to a powerful engine controlled by a human creative director.\n\nBeyond Story TV, EloElo has diversified into vertical video learning through its Master app and offers an AI companion product named Voxy AI. The company claims over 40 million monthly users across its apps, with Story TV constituting the majority. EloElo currently employs 240 people and aims to expand its AI and machine learning teams. Significant funding will also be directed towards producing original content to sustain growth. The latest funding round included investments from MIT Investment Co., Play Ventures, Kalaari Capital, Waterbridge Ventures, and Griffin Gaming Partners.\n\nIndia’s vast internet population and evolving entertainment preferences present a substantial opportunity for serialized short-form video platforms like EloElo’s Story TV. Industry analysts project the microdrama market could generate $3 to $4 billion in annual revenue by 2030, underpinning strong growth prospects for companies innovating in this space.