NBCUniversal and India-focused investment firm Hornbill Capital have co-led an $80 million Series C round in EloElo Group, the Bengaluru parent of microdrama platform Story TV. MIT Investment Co. joined the round, alongside existing backers Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners. The raise lifts EloElo’s total funding to $130 million.
The numbers behind the format
Story TV is not a small pilot. The service has moved well past early experiments and now runs a content operation built for scale.
- More than 5,000 microdramas in six languages
- A new title every three hours
- 95 minutes of average daily time spent per user
- 40 million monthly active users and 300 million installs across EloElo’s apps
Those are retention and release-cadence numbers that make microdrama look less like snackable filler and more like a primary viewing habit, especially on mobile.
Why a US studio is paying attention
NBCUniversal’s involvement signals that global studios now treat short-form, mobile-first storytelling as a channel to meet changing viewing habits. Deepak Arya, executive VP of corporate strategy and development at NBCUniversal, said the partnership is about “mobile-first storytelling” and bringing the studio’s global capabilities as EloElo expands beyond India, including into the U.S.
EloElo founder and CEO Saurabh Pandey frames the shift more bluntly: “A billion people now reach for the phone before any other screen.” The company’s bet is that the entertainment built for those viewers will be video-first, local-language and shaped into episodes that fit the day.
What the new capital buys
EloElo says the money will go toward original programming in local languages, an overseas launch for its microdramas, and further development of Dolphin AI, the agentic creative suite it recently introduced at FICCI Frames. That combination is the strategic core: Story TV shows what India wants to watch, while Dolphin AI is meant to give the economics to make it.
Hornbill Capital, founded by Manoj Thakur in 2014, has backed PhysicsWallah, KreditBee, Dhan and Nazara Technologies. Thakur said EloElo combines strong creative capabilities with the ability to scale content through technology.
The market math
Research firms are now putting large numbers around the format. Omdia projects the global microdrama business will generate $14 billion before 2026 is out. In India, Redseer estimates that 40 million people made at least one microdrama purchase during fiscal 2026, while Lumikai sees the local market reaching $4.5 billion by 2030.
For media planners and entertainment marketers, the story is straightforward: microdrama is no longer a fringe experiment. It now has studio backing, paying users, high daily engagement and a clear international roadmap.
Source: Variety
