Live social entertainment platform, EloElo, has raised 114.3 crore rupees (US$13.3 million) in its series B funding round, according to regulatory filings.

The round is led by Play Ventures Investments, a gaming-focused venture capital firm, with participation from several other investors.

The board approved 1,696 series B shares at 6.73 rupees (US$0.078) each, with Play Ventures investing 34.71 crore rupees (US$4 million) and other firms contributing the rest.

Following the round, Kalaari Capital will own 6.35% of EloElo, while Play Ventures and Courtside Ventures will hold 3.38% and 4.46%.

🔗 Source: Inc42

🧠 Food for thought

A. Live streaming emerges as the dominant revenue model for Indian social platforms

EloElo’s funding comes at a time when live streaming is proving to be the most successful monetization strategy for Indian social platforms.

ShareChat, a comparable platform, generated 56.1% of its total operating revenue from live streaming in FY24, amounting to ₹403 crore with 41.4% year-on-year growth1.

This suggests EloElo’s focus on combining live streaming with interactive gaming addresses a proven revenue opportunity in the Indian market rather than pursuing a speculative business model.

The trend extends beyond ShareChat, with multiple platforms pivoting toward creator-led live content that can be directly monetized through virtual gifting and interactive features.

EloElo’s strategy of enabling creators to host live games like tambola and antakshari aligns with this broader industry shift toward content that drives real-time engagement and transactions.

This focus on live interaction distinguishes EloElo from traditional social media models that primarily rely on advertising revenue, potentially offering a clearer path to monetization.

B. High cash burn remains standard for Indian social media startups despite growing funding

EloElo’s significant losses of INR 99.06 Cr in FY24 (128% increase year-over-year) reflect a common challenge in the Indian social media landscape, substantial cash burn despite major funding rounds.

This mirrors the experience of larger player ShareChat, which despite raising approximately $1.8 billion to date and growing its revenue by 29.9% in FY24, still reported losses of ₹1,898.94 crore2.