The Bengaluru-based startup Eloelo (1) has recently announced that it has secured 450,000 USD in its seed funding. The latest funding round was led by Waterbridge Ventures. AppyHigh Group, Ramakant Sharma, CEO of Livspace, Rishi Vasudev, Lifestyle CEO, and ex-SVP of Flipkart, TS Raghavendra, Shuchin Bajaj, founder of Ujala Cygnus Hospital, Akash Gupta, CEO of OneImpression, and Vasant Rao also participated as angel investors.
The beauty, health, and wellness social, commercial startup was launched only two weeks back. The app offers curated 1-minute videos of top influences along with expert answers and gamified rewards for shopping. The Eloelo platform is claiming to be the lifestyle destination of millennial users of Bharat.
The startup will utilize the capital to build its core team, new product initiative, and acquisition. Saurabh Pandey, Co-founder and CEO of Eloelo made a statement about the development. He stated that the firm’s vision is to empower the users of Bharat to look and feel good daily with the Eloelo platform. He added that the platform provides blended content-community-commerce for health, beauty, and lifestyle.
Short videos blended with the community that acts as a safe space. The firm believes that it is the future for selections of health and beauty where users can seek bit-sized information regarding tips, reviews, etc. Before making a commercial decision, he added.
Eloelo Observes Overwhelming Organic Traffic Within 15-days of App Launch.
As per the startup’s statement, within 15 days of its app launch, they have observed overwhelming organic traffic. Over 20,000 users have downloaded the app, with 80% of them being from non-metro cities. There are over 700,000 actions on the app now with users watching videos, posting questions, claiming Eleolo coins, and more.
Ravi Kaushik, Partner of Waterbridge, while commenting on the investment, stated that the investment on Eloelo is part of Fast Forward, a dedicated funding program. He added that the founders are firm with Social Commerce 2.0. They are marrying health, wellness, and beauty verticals with content, community, and commerce. The platform will drive business users via trust, product discovery, and short-format content, recommendation, and tips. The valuation of Eloelo stands at 2 million USD, including the latest funds.
Author: Rucha Joshi
Source : https://timesnext.com/eloelo-secures-450k-usd-from-waterbridge/
Date : 2020-09-04T12:14:59.000Z