EloElo Group, the parent company of microdrama platform Story TV, announced a $80 million Series C funding round on Tuesday, led by NBCUniversal and Hornbill Capital.
The investment, which also included MIT Investment Co. and existing backers such as Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners, will be used to produce premium original content in Indian languages, launch Story TV in overseas markets and enhance the company’s AI suite, Dolphin AI.
Founded in 2020 by former Flipkart executive Saurabh Pandey, EloElo operates four products: Story TV, the microlearning app Master, the AI‑powered creative suite Dolphin AI and the AI companion Voxy AI. Story TV, the firm’s flagship, hosts more than 5,000 microdramas in six languages and works with over 90 production studios, including Balaji Telefilms.
Growth plans and AI focus
Pandey told Inc42 that the new capital will allow EloElo to deepen its premium slate by partnering with established studios and experimenting with AI‑generated and hybrid microdramas. The company intends to identify target markets abroad and collaborate with local talent to roll out Story TV internationally.
Dolphin AI, which lets users create videos, images and longer‑form AI content, will receive additional resources for hiring in data science, generative AI, engineering and computing infrastructure. Currently, 8‑10 of EloElo’s roughly 200 employees work on the Dolphin AI team.
Industry context
The funding brings EloElo’s total capital raised to $130 million. It comes as the global microdrama market is projected to reach $14 billion in revenue by 2026, according to industry analysts.
Why it matters: The infusion of capital from a major U.S. media company underscores growing confidence in short‑form, AI‑enhanced entertainment. For Middle‑Eastern and Egyptian audiences, the expansion could introduce locally relevant microdrama content and new AI‑driven production tools, diversifying regional media offerings.