NBCUniversal, MIT Investment join Indian microdrama firm's $80 million funding round

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BENGALURU, Nov 4 (Reuters) - India's EloElo Group, the parent of microdrama platform Story TV, said on Wednesday that US entertainment group NBCUniversal and MIT Investment Co were among the investors backing its latest funding round of $80 million.
Microdramas are one of the fastest-growing forms of content globally, and the industry will generate $14 billion in worldwide revenue by the end of 2026, according to research and advisory group Omdia
The funding values the startup at $500 million, said a person with direct knowledge of the matter
The round was led by Hornbill Capital and NBCUniversal, with MIT Investment Co, Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners also participating, the company said
EloElo said it would use the funds to make new original content, launch its microdramas internationally and invest further in Dolphin AI, its in-house agentic AI creative suite
EloElo has raised $130 million in capital so far, including this round, the company said

 (Reporting by Aditya Kalra, Munsif Vengattil and Abhirami G in Bengaluru; Editing by Jamie Freed)
 ((abhirami.g@thomsonreuters.com))