India’s EloElo raises $80M from NBCUniversal to expand microdrama platform

India's EloElo has secured $80 million in Series C funding from Hornbill Capital and NBCUniversal, according to TechCrunch. This investment brings the company's total funding to $130 million and values it at $500 million.

EloElo operates Story TV, a leading app for microdramas in India with over 33 million monthly active users, as reported by Sensor Tower figures cited by TechCrunch. The platform offers a catalog of more than 5,000 titles in six languages.

Microdramas, which are serialized vertical videos, have become increasingly popular in India, with over 118 million users watching them monthly. This format has also gained traction in other countries like the U.S. and China, attracting investments from celebrities.

The rise in demand is fueled by India's large internet population exceeding one billion and a growing appetite for entertainment content. Analysts predict the microdrama industry in India could generate $3 to $4 billion in annual revenue by 2030.

Story TV users spend an average of 95 minutes daily on the app across multiple sessions, highlighting the appeal of snackable content designed for mobile viewing rather than traditional television schedules, according to the company's founder.