New Delhi, Oct. 26 -- Bengaluru-based entertainment startup Eloelo is reportedly in advanced discussions to raise $50-60 million in fresh funding, as its short-drama platform Story TV emerges as a major growth driver.

The proposed round, expected to be led by Hornbill Capital with participation from existing investors, could value the company at approximately $400 million, as per reports. The transaction has not been formally announced, and the final investment amount, valuation and terms remain subject to change.

The fundraising discussions come at a time when India's mobile entertainment market is seeing growing interest in micro-dramas, a format built around short, serialized episodes designed primarily for smartphone viewing.

For E...