EloElo has raised a total of $130 million, with new funding earmarked for original multilingual microdramas, expansion outside India, and the ongoing development of its Dolphin AI creative suite and broader AI/ML research efforts.

Story TV reports over 40 million monthly active users and a daily habit metric of about 95 minutes across its apps.

Investors in the round include NBCUniversal and MIT Investment Co, with Hornbill Capital leading and participation from Play Ventures, Kalaari Capital, Waterbridge Ventures, and Griffin Gaming Partners.

CEO Saurabh Pandey says AI reduces production costs by replacing some VFX and location needs, while preserving core human talent.

Key partnerships include Balaji Telefilms to produce content, as Story TV competes with free platforms like YouTube, Instagram, and TikTok for creators and viewers.

Pandey, a former Flipkart executive, states the strategy is to align Indian audience preferences with Dolphin AI economics to scale content production.

Analysts note the challenge of turning growing audiences and investor backing into a sustainable business amid fierce competition for mobile viewership and monetization.

There are opportunities for advertisers and media companies through branded content, sponsorships, and advertising products tailored to short-form storytelling.

EloElo highlights revenue growth and profitable unit economics, emphasizing ownership of content, distribution platforms, and AI production tools.

Dolphin AI will be expanded to power end-to-end video production for creators, with a goal of reducing costs and enabling scalable, mobile-first production across markets including Indonesia and the United States.

Story TV uses Dolphin AI to assist in video creation while stressing that human editors, writers, and showrunners remain essential, with AI as a production tool.

FY25 annualized net revenue was about ₹70 crore, with average revenue per user around ₹200–₹230 per month.