Indian social gaming platform Eloelo has raised $2.1 million from a pre-series A funding round.
Founded in August 2020, Eloelo is a live streaming and social gaming platform that offers activities such as Antakshari and Chidiya Udd, as well as creators that host live games for their communities.
The past six months have seen the platform’s users increase significantly and has ushered the crossing of one million users, with over 100 million game events recorded. Over 50 per cent of the user base of Eloelo are female.
The funding round was co-led by Waterbridge Ventures and Lumikai Fund, with Better Capital and Exceed Entertainment also participating.
The company has stated that the injection of funds will allow them to focus on creator partnerships and launching new live game formats. The aim of this is to scale the platform to 10 million users within the next 12 months.
"Live Video is increasingly resonating with fans as it helps them build ‘authentic’ relationships with creators," said Eloelo CEO and co-founder Saurabh Pandey.
"Today our users spend anywhere between 30 to 35 minutes daily enjoying live games, live streams on our app. In the next year, we will be launching multiple creator-led live games and event formats that unlock monetisation for creators and interactive entertainment for users."
Eloelo co-founder Akshay Dubey added: "There are over five million creators in India but over 97 per cent of them have very limited income opportunities. With our differentiated offering, we have seen a lot of excitement from creators who have joined the platform and invited their fans from social platforms as well."
Similarly, former Pixonic CEO Philip Gladkov has recently secured $500,000 for Gameram, a new game-centric social network.