Social Gaming Startup Eloelo Raises Rs. 114 Cr After Reporting Zero Revenue And Rs 99 Cr Loss In FY24

Bengaluru-based social gaming startup Eloelo reported zero operating revenue and Rs. 99 Crore loss in FY24.

Gaming startup Eloelo raises Rs 114 crore

According to the firm’s annual financial statements sourced from the Registrar of Companies (RoC), it made Rs 5 crore from interest on fixed deposits. [Source: Entrackr]

However, the startup has raised Rs 114 crore (roughly $13 million) in a fresh Series B funding round.

Venture capital firms Play Ventures, along with existing backers Westbridge and Kalaari, have infused $50 million into the company, including a recent $13 million round. 

Play Ventures, being the lead investor, infused nearly Rs 34.7 crore, followed by Gameskraft with Rs 21.7 crore. Kalaari and WestBridge contributed Rs 13 crore and Rs 8.7 crore, respectively. Other investors include Countryside Ventures, Rocket Capital, MIXI Global, and angel investors Veenita and Vinay Mittal.

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What is Eloelo?

Founded by Saurabh Pandey and Akshay Dubey, a social gaming and live streaming startup, Eloelo blends interactive gaming with creator-led live content, offering a unique mix of entertainment tailored for Gen Z audiences.

With this latest round, the five-year-old firm is positioning its presence in India’s fast-growing online gaming industry.

It raised over $50 million in total funding, including a $22 million pre-Series B round previously led by Courtside Ventures and Griffin Gaming Partners.

However, the startup remained in the pre-revenue stage until March 2024 (FY24) while continuing to incur losses.

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