EloElo Group, the company behind short-form drama platform Story TV, has raised $80 million in a Series C funding round co-led by Hornbill Capital and NBCUniversal. The investment will support the company’s plans to produce more original mobile-first entertainment, expand its use of artificial intelligence in production and explore international markets.
The funding was reported on November 4 and brings EloElo’s total capital raised to approximately $130 million. The company has been valued at around $500 million following the latest round, according to people familiar with the transaction cited by Business Standard.
Story TV Targets the Growing Microdrama Market
Story TV focuses on microdramas: short, serialised programmes designed primarily for smartphone viewing. Episodes are structured for mobile audiences, allowing viewers to follow ongoing stories through brief video segments rather than traditional television-length formats.
The format has gained traction in India as consumers spend more time watching short-form video on mobile devices. EloElo is positioning Story TV within this growing market by investing in original productions and building a larger library of serialised content.
The company has also been increasing its production capacity. Founder and CEO Saurabh Pandey told Business Standard that production had expanded from a few new dramas a day to around 250 a month.
AI Tools to Support Production Expansion
EloElo plans to use part of the funding to strengthen AI-based production tools. The company has indicated that AI will be used selectively in its creative workflow, rather than replacing the human professionals involved in developing and producing its programmes.
The strategy is intended to help the business increase production while managing costs and maintaining a steady pipeline of new stories. The company has worked with tens of thousands of people across the creative industry, according to comments reported by Business Standard.
International Expansion on the Agenda
EloElo is also evaluating overseas markets, including the United States, as it looks to reach both diaspora audiences and local-language viewers. Its expansion plans reflect the possibility that mobile-first serialised entertainment could appeal to audiences beyond India.
The company will face competition from other short-form entertainment platforms and established streaming services. Its ability to retain viewers, convert free audiences into paying subscribers and maintain consistent content quality will be important to its long-term growth.
The Series C round gives EloElo additional capital to pursue those objectives as microdrama platforms compete for a larger share of mobile entertainment consumption.
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