Mumbai, Nov. 4 -- EloElo Group, the consumer AI and entertainment company behind microdrama platform Story TV, has raised $80 million in a Series C funding round led by Hornbill Capital and NBCUniversal, the company said on Wednesday.

MIT Investment Co. and existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures, Griffin Gaming Partners & others also participated in the funding round. The transaction values the EloElo Group at $500 million, according to a person familiar with the matter. Avendus Capital acted as the exclusive financial adviser to the company on the fundraise.

Eloelo Group will deploy the fresh capital across three priorities: expand premium original content in Indian languages, take its microdrama platfo...