NBCUniversal and Hornbill Capital Inject $80M into Bengaluru-Based Story TV
The funding round, which brings total investment to $130 million, aims to expand the Indian microdrama platform into the U.S. market.
By Adriana Abebe ·
Indian streaming startup EloElo Group has secured $80 million in new capital to expand its microdrama platform, Story TV, beyond its domestic base. The Series C round was co-led by NBCUniversal and Hornbill Capital, two firms betting that short-form video content is the next major shift in global entertainment consumption.
The new investment brings EloElo’s total funding to $130 million. In addition to the two lead investors, the round included participation from MIT Investment Co., Play Ventures, Kalaari Capital, Waterbridge Ventures, and Griffin Gaming Partners. Avendus Capital acted as the sole financial advisor for the transaction.
EloElo was founded in 2020 by Saurabh Pandey, a former executive at Flipkart. The company operates several digital products, with Story TV as its flagship. The app currently hosts over 5,000 microdramas in six languages. New titles are added to the platform every three hours. Average daily user time on the app stands at 95 minutes.
Deepak Arya, executive VP of corporate strategy and development at NBCUniversal, stated that the partnership focuses on mobile-first storytelling. He noted that EloElo’s approach aligns with evolving viewing habits and positioned the company for long-term success. Arya said NBCUniversal plans to use its global capabilities to help EloElo expand into the U.S. market.
Saurabh Pandey emphasized that a billion people now access video content primarily through their phones. He said the content must be video-first, available in local languages, and structured in episodes that fit into daily routines. Pandey explained that Story TV identifies what Indian audiences want to watch, while the company’s Dolphin AI suite provides the economic efficiency to produce that content at scale.
The funding will be allocated to original programming in local languages, an overseas launch for microdramas, and further development of Dolphin AI. The group’s apps, including Master and Voxy AI, report more than 40 million monthly active users and over 300 million total installs. EloElo reported that its revenue increased significantly over the past year.
Manoj Thakur, founder and managing partner of Hornbill Capital, said the firm believes in companies that combine creative capability with technological scaling. Research firm Omdia projects the global microdrama business will reach $14 billion before the end of 2026. Local estimates suggest the Indian market will hit $4.5 billion by 2030.
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