Social gaming and live streaming platform Eloelo is in talks to raise $15 million from new and existing investors, two sources told Entrackr. The potential round for the Bengaluru-based company is coming after a gap of 15 months.
“Eloelo is in advanced stage to raise $15-20 million from couple of new and existing investors including Lumikai Fund, WaterBridge, and KB Global Platform,” said one of the sources requesting anonymity as talks are private.
Eloelo scooped up $13 million in its Series A round in June last year. It has raised around $16 million to date and Lumikai Fund and WaterBridge have been backing the company since its maiden funding.
Founded by Saurabh Pandey and Akshay Dubey, the platform brings native activities like tambola, antakshari and musical chairs in live formats with creators hosting games for their community of fans. The company claims that it has more than 50 live games & entertainment categories and over 1,000 live streams being done every day.
Eloelo, which is available in over six languages, recently said that it has clocked 20 million users on the platform and all set to cross 50 million users by the end of 2023.
According to sources, Eloelo is raising the fresh money at a pre money valuation of $100 million. The firm was valued at $60 million during the last round, as per Fintrackr’s estimates.
“The terms of the deal have been finalized and if nothing goes south from here the transaction will be materialized in a few weeks,” said the person quoted above.
Queries sent to Eloelo, Lumikai, and WaterBridge didn’t elicit any immediate response. We will update the story in case they respond.
While Eloelo is yet to file its FY23 financial report, the company registered negligible revenue with Rs 9.74 crore loss in FY22. However, it claims to have grown over 500% annually in the past fiscal year.
It competes with Chingari, ShareChat, and Bolo Live, among others.
