Gameskarft Technologies, Kalaari Capital, WestBridge Capital, and other investors are participating in Eloelo's Series B round, which is led by Play Ventures Investments and is raising Rs. 114 crore, or roughly $13 million.
According to its regulatory filing obtained from the Registrar of Companies, the board of Eloelo has passed a special resolution to issue 1,696 Series B compulsory convertible preferred shares at an issue price of Rs. 6,73,997 apiece in order to raise Rs. 114 crore, or $13 million.
With an investment of Rs. 34.7 crore, Play Ventures is leading the round, followed by Gameskraft Technologies, WestBridge Capital, and Kalari Capital, with respective investments of Rs. 21.7 crore, 8.7 crore, and 13 crore. The startup will get funding from Countryside Ventures, Rocket Capital, MIXI Global, Veenita, and Vinay Mittal.
To far, the company has funded more than $50 million, including $22 million from its pre-series B round, which was co-led by Griffin Gaming Partners and Courtside Ventures. Entrackr estimates the company's post-allotment value to be approximately Rs. 1,026 crore, or $121 million.
After the new revenue, Countryside Ventures, Gameskraft, and Kalaari Capital will own 4.46%, 2.12%, and 6.35% of the company, respectively, while Play Ventures will own 3.38%. For the full shareholding pattern, visit TheKredible.
Eloelo, which was founded by Saurabh Pandey and Akshay Dubey, offers traditional pastimes like musical chairs, tambola, and antakshari in live formats. Creators conduct games for their fan base.
According to the website, over 1,000 live broadcasts are made daily and it offers over 50 live game and entertainment categories.
With platforms like Loco, Rooter, and Turnip dominating the gaming market and Chingari, ShareChat, and Bolo Live branching out into live and casual gaming to increase engagement, India's social gaming and live streaming landscape is changing quickly. A new era of digital entertainment is being shaped by the blurring of the boundaries between content, games, and community.
