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Eloelo raises $2.1 million to strengthen creator tie-ups, gas growth – NEWPAPER24

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Eloelo raises $2.1 million to strengthen creator tie-ups, gas growth

2021-07-27 07:36:58

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Pune: Eloelo, a Bengaluru-based social gaming and livestreaming startup, has raised $2.1 million in a pre-Collection A funding spherical that was co-led by Waterbridge Ventures and Lumikai Fund. Higher Capital and Exceed Leisure additionally participated within the financing.
The brand new capital can be used to strengthen creator partnership in addition to assist the launch of latest live-gaming codecs to scale the platform for the following 10 million customers.

Based in August 2020 by Saurabh Pandey and Akshay Dubey, Eloelo is a livestreaming and social gaming platform. It brings indigenous actions like tambola, antakshari, chidiya udd, musical chairs, and gifted performers in reside codecs, with creators internet hosting video games for his or her fan communities.

Eloelo has seen its consumer base develop 15 occasions over the previous six months. The platform now has greater than 1 million customers and recorded over 100 million sport occasions.
“Stay Video is more and more resonating with followers because it helps them construct ‘genuine’ relationships with creators. Right this moment, our customers spend 30-35 minutes every day having fun with reside video games, reside streams on our app,” Pandey, who can also be the chief govt of Eloelo, stated. “Within the subsequent one yr, we can be launching a number of creator-led reside video games and occasion codecs that unlock monetisation for creators and interactive leisure for customers.”

Eloelo has introduced on board greater than 15,000 Influencers organically over the previous few months, and 50% of their consumer base is ladies. The gaming startup supplies a reside interactive expertise the place as a substitute of simply watching sport reveals or occasions, customers can take part and develop into interactive stars.

“Eloelo has fostered an inclusive, welcoming and secure neighborhood for family and friends to play collectively, and for followers to develop into stars in their very own proper,” stated Justin Shriram Keeling, Basic Accomplice of Lumikai. “We sit up for working with the staff as they construct a very next-generation social neighborhood leveraging the ability of play for the following 10 million followers.”

Investor Waterbridge has been related to Eloelo since inception, accomplice Ravi Kaushik stated. That the corporate now has a million-strong consumer base is a crucial milestone in its imaginative and prescient of making India’s largest platform for the creator economic system, he stated.

“Saurabh and Akshay are actually constructing a one-of-a-kind gamified reside platform for content material creators. Their best-in-class engagement and retention metrics, along with over 1 million customers on the platform, demonstrates the distinctive worth proposition of the platform,” he stated.

The corporate is positioned on the intersection of two upcoming developments—creator economic system and reside social gaming.

“The creator economic system is experiencing an inflection level and throughout market segments… A model new infrastructure is being constructed to assist creators construct, earn and develop,” stated Vaibhav Domkundwar of Higher Capital. “Eloelo is simply that—an engine of development for creators in Bharat and India.”

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