EloElo raises $80 million to expand Story TV

EloElo Group has raised $80 million in a Series C round led by Hornbill Capital and NBCUniversal, and plans to use the funding to expand its Story TV microdrama service internationally, produce original programming and develop its AI tools. The Bengaluru-based company said MIT Investment Co. joined the round, along with existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners. EloElo said the investment brings its total funding to $130 million. The company’s announcement did not disclose a valuation; a person with direct knowledge of the matter put it at $500 million. EloElo plans to make original shows in local languages and take Story TV into international markets, including the United States, according to an NBCUniversal executive. The company has not announced a launch date for overseas expansion. It also intends to invest further in Dolphin AI, its agentic AI creative suite. Story TV offers more than 5,000 microdramas in six languages, EloElo said. Across its apps, the company reported more than 40 million monthly active users. That figure covers the group’s apps, not Story TV alone. EloElo also operates Master, a microlearning...