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Eloelo, the start-up of India’s fastest growing creator-led live social gaming platform, has raised $2.1 million in funding.
Founded in August 2020 by Saurabh Pandey and Akshay Dubey, Eloelo is a social gaming and streaming platform. It brings Aboriginal activities like tambola, antakshari, chidiya udd, musical chairs and talented performers in live formats with content creators hosting games for its fan community.
Eloelo has seen a 15x increase in users in the former six months, surpassing 1 million users on the platform with over 100 million game events registered. More than 50% of the user base are female. The Eloelo platform provides a live interactive experience where instead of just watching game shows or events, users can participate and become interactive stars.
They had a passion for the creator economy, as Pandey used to do stand-up comedy and ran his mother’s YouTube channel earlier.
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“We started out as social media creators and realized how few ways creators had ways to monetize directly from their audiences,” Pandey said in an email to GamesBeat. “Content creators hosting Indigenous social games directly was a unique idea that we got following watching how Anchors host game shows on TV or how families really play such social games together.”
The Series A preliminary round was led by Waterbridge Ventures and Lumikai Fund. The latter is India’s first gaming and interactive media venture capital fund. Also on the tour were Better Capital and talent management company Exceed Entertainment.
Eloelo launched its beta version in September 2020, and the base project was launched in January. The Bangalore-based company will use the funds to increase its partnerships with creators as well as launch unused live game formats, and expand the platform so it can have 10 million users.
“India’s creator economy is the fastest growing in the world, and the largest untapped audience in this space are female creators and influencers,” said Justin Shriram Keeling, co-founder of Lumikai, in an email with GamesBeat. Uniquely for content creators to use their proprietary social game formats that are flexible so families and friends can play together in a safe environment. Eloelo’s growth to over 100 million gaming sessions in less than nine months speaks for itself – and with over 10,000 creators already on board, they’ve proven that anyone from any background can become a gaming star of the coming.
Pandey, CEO of Eloelo, said in an email to GamesBeat that live video is increasingly resonating with fans because it helps them build authentic relationships with creators. Today, users spend between 30 minutes to 35 minutes a day to like live games and streaming on the app.
Next year, Pandey said, Eloelo will launch several live games and creator-led event formats that begin the door to monetization for content creators and interactive entertainment for users.
Eloelo is at the intersection of the most creative economy and lively social gaming trends. Global parallels can be drawn with the EloElo model of big companies in China such as Bigo Live, which focuses on live streaming with annual revenue of $2 billion, and Hago, which had more than 100 million downloads in India prior the Chinese apps were banned.
Ravi Kaushik, partner at Waterbridge Ventures, said in a statement that the founders are building a unique live streaming platform for content creators, and they have the best engagement and retention metrics for over a million partners.
Dubey, co-founder of Eloelo, said in an email that India has more than five million content creators, but 97% of them have very limited income opportunities. Dube said that with a exceptional offer, the company saw a lot of excitement from the creators who joined the platform and invited their fans from the social platforms as well.
Eloelo adds several live game templates for creators to host their fans. I’ve also started a Creators Program, where creators are provided with data and insights from their live events along with guidance to aid grow to 10 million users over the next 12 months, regardless of monetization.
The company has 22 employees. The initial target market is India, but the company may try to expand globally as well. Pandey said the vision for the product is to build a truly interactive and inclusive platform where creators host live games and users find it a safe and entertaining experience to relax.
The company said that content creators are experimenting with multiple formats to show audiences the true dimensions of their personality.
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