Indian microdrama app Story TV raises $80 million

EloElo Group, the Bengaluru-based company behind the mobile app Story TV, raised $80 million in a new Series C round. The funding allows the developer to expand its library of short-form video content and push its technology stack further.

NBCUniversal and Hornbill Capital co-led the investment. MIT Investment Co., Play Ventures, Kalaari Capital, Waterbridge Ventures, and Griffin Gaming Partners also participated. This latest raise brings the company's total funding to $130 million. Avendus Capital acted as the sole financial advisor for the deal.

Saurabh Pandey, a former Flipkart executive, founded the company in 2020. The platform currently offers more than 5,000 microdramas in six languages. It adds a new title every three hours. The average user spends 95 minutes per day on the app.

Deepak Arya, executive VP of corporate strategy and development at NBCUniversal, said the partnership aims to meet shifting viewing habits. "We see significant opportunity in mobile-first storytelling and emerging formats like microdramas to engage audiences and meet evolving viewing habits," Arya said. He noted that the company is positioning itself for growth in the U.S. market.

Pandey stated that the strategy focuses on video content designed for phone users. "A billion people now reach for the phone before any other screen, and the entertainment built for them will be video first, in their own language, in episodes that fit their day," he said.

The company operates several other products, including the micro learning app Master, the AI companion agent Voxy AI, and Dolphin AI, an agentic AI creative suite. The group's apps have more than 40 million monthly active users combined and have passed 300 million installs. The new capital will fund original programming in local languages, an overseas launch for microdramas, and further development of Dolphin AI.

Manoj Thakur, founder and managing partner of Hornbill Capital, said the firm believes in scaling content through technology. "EloElo Group combines strong creative capabilities with the ability to scale content through technology, which is something we deeply believe in," Thakur said.