EloElo, the Indian parent of microdrama platform Story TV, has raised $80 million in a funding round led by Hornbill Capital and NBCUniversal, bringing its total capital raised to $130 million and valuing the startup at $500 million, according to a person with direct knowledge of the matter. MIT Investment Co, Play Ventures, Kalaari Capital, Waterbridge Ventures and Griffin Gaming Partners also participated. EloElo will use the funds to produce original content, expand Story TV internationally and invest in Dolphin AI, its in-house agentic AI creative suite. Story TV has more than 33 million active users and over 5,000 titles in six languages. More than 118 million people watch microdramas in India each month, while Omdia estimates the global market will generate $14 billion in revenue by the end of 2026. EloElo was founded by former Flipkart executive Saurabh Pandey in 2020 and also operates the Master learning app and Voxy AI companion app.