NBCUniversal and Hornbill Capital invest $80 million in Indian video app Story TV

NBCUniversal and Hornbill Capital co-led an $80 million Series C funding round for EloElo Group. The Bengaluru-based company operates Story TV, a platform for short-form video content. The investment brings EloElo's total funding to $130 million.

Three key developments define this deal. First, MIT Investment Co. joined existing backers Play Ventures, Kalaari Capital, Waterbridge Ventures, and Griffin Gaming Partners in the round. Avendus Capital acted as the sole financial advisor. Second, the company will use the capital to produce original programming in local languages. It will also launch its microdramas overseas and continue developing its AI creative suite.

Third, EloElo's portfolio has grown beyond video. Alongside Story TV, the group runs Master, a micro learning app, and Voxy AI, a companion agent. It recently introduced Dolphin AI, an agentic creative suite, at the FICCI Frames conference. The group's apps now have more than 40 million monthly active users. Total installs have passed 300 million. EloElo stated that its revenue multiplied over the past year.

Story TV currently hosts more than 5,000 microdramas in six languages. The platform adds a new title every three hours. On average, users spend 95 minutes a day on the app. Saurabh Pandey, the company's CEO and a former Flipkart executive, founded EloElo in 2020.

Deepak Arya, executive VP of corporate strategy and development at NBCUniversal, said the partnership leverages global capabilities to support expansion into the U.S. market. He noted that mobile-first storytelling aligns with changing viewing habits. Manoj Thakur, founder and managing partner of Hornbill Capital, said the firm believes in combining creative capabilities with technological scaling. Hornbill Capital was set up in 2014 and has previously invested in PhysicsWallah, KreditBee, Dhan, and Nazara Technologies.

Pandey described the shift toward mobile video as a response to how people reach for their phones. He said, “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 added that Story TV identifies consumer preferences, while Dolphin AI provides the economic structure to produce the content efficiently.

Market research firms offer projections for this sector. Omdia projects the global microdrama business will generate $14 billion before 2026 ends. Redseer estimates that 40 million Indians made at least one microdrama purchase during fiscal 2026. A report from Lumikai forecasts the local market will reach $4.5 billion by 2030.