EloElo Group Raises $80M Series C to Scale Story TV, Dolphin AI

Bengaluru-based consumer AI and entertainment company EloElo Group has raised $80 million in a Series C round led by Hornbill Capital and NBCUniversal. MIT Investment Co. also participated, along with existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures, Griffin Gaming Partners and others.

The new round takes EloElo Group’s total capital raised to $130 million, including a $13.5 million Series B round raised in April 2025. The funding gives the company more room to build at the intersection of short-form entertainment, AI-led production and global distribution.

EloElo Group plans to use the fresh capital to fund original content across languages, support the international launch of its micro drama platform Story TV and expand investments in Dolphin AI, its agentic AI creative suite. The company also said it will expand its content slate with a focus on premium originals.

Story TV is central to the company’s entertainment push, with over 5,000 micro dramas across six languages and a new drama launched every three hours. According to the company, the platform records 95 minutes of daily time spent per user.

Founded in 2020 by former Flipkart executive Saurabh Pandey, EloElo Group operates Story TV, Master, Dolphin AI and Voxy AI. Story TV is its micro drama platform, Master is a micro learning platform, Dolphin AI is an agentic AI creative suite and Voxy AI is an AI companion agent.

The company says it owns the content, distribution and AI-powered production engine behind its entertainment business. Across its apps, EloElo Group has over 40 million monthly active users and has crossed 300 million installs.

Micro dramas are described as one of the fastest-growing formats in global entertainment. Omdia expects the industry to generate $14 billion globally by the end of 2026, while Redseer estimates that 40 million people in India paid for a micro drama at least once in FY26.

Lumikai’s State of India Interactive Media Report projects India’s micro drama market to reach $4.5 billion by 2030. In the segment, Story TV competes with Kuku TV and ShareChat’s Quick TV, while Flipkart has also entered the category and Pocket FM has re-entered with Pocket Saga after shutting down Pocket TV.