EloElo Group, the parent company of Indian microdrama platform Story TV, has raised $80 million in a funding round led by Hornbill Capital and US entertainment company NBCUniversal, as it looks to expand its content business and take its short-form video offerings to international markets.
The funding round also saw participation from MIT Investment Co, along with existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners.
The latest investment values EloElo at approximately $500 million, according to a person familiar with the matter. The company has raised a total of $130 million in funding so far, including the latest round.
Bengaluru-based EloElo operates Story TV, a platform focused on microdramas, which are short, episodic fictional videos designed primarily for mobile audiences. The format has gained attention as entertainment companies explore new ways to reach viewers through shorter digital content.
EloElo plans to use the fresh capital to develop more original content, expand its microdrama offerings internationally and strengthen its artificial intelligence capabilities through Dolphin AI, its in-house AI creative suite.
The company is also looking to increase investments in content across Indian languages and work with production houses to develop a mix of AI-led, hybrid and live-action dramas.
The funding comes as microdramas gain traction globally. Research and advisory firm Omdia estimates that the worldwide microdrama industry will generate $14 billion in revenue by the end of 2026.
NBCUniversal’s participation brings a major US entertainment company into the funding round, while MIT Investment Co and existing investors provide additional backing for EloElo’s expansion plans.
The investment reflects growing interest in mobile-first entertainment formats and the use of AI tools in content development and production. With the new funding, EloElo plans to expand Story TV’s international reach while increasing its investment in original programming and AI-based creative capabilities.
