Live social entertainment platform Eloelo is in advanced stages of closing a $50-60 million (about Rs 480-580 crore) funding round led by Hornbill Capital, with participation from existing investors, at a valuation of around $400 million, according to people familiar with the development.The potential funding follows a sharp expansion of Eloelo’s micro-drama business, Story TV, which has helped lift annualised collections more than tenfold to