Digital and entertainment startup SillyMonks announced 5 June 2016 that they raised Rs 3 crore from high-networth individual Sreenivasa Reddy Musani, Chairman and Managing Director of Ektha group. The company claims that this deal marks the largest HNI investment in this space in the south of India and will help the startup introduce new digital media properties.
“SillyMonks has shown tremendous potential in its growth and is well-placed to be a part of new digital revolution in India in the coming years,” said Musani, who is an entrepreneur since 18 years in the fields of internet and e-commerce.
The startup plans to launch six web series properties on their YouTube channel. A venture started by Sanjay Reddy and Anil Pallala in late 2013, SillyMonks currently has a media property called MonkStar and over 650 YouTube channels with original content.
“The funds raised will further secure and maximise return on investment for our clients by delivering new digitally immersive online experiences and help create innovative original content,” said Sanjay Reddy, who has 25 years of experience in television and print media.
According to their research, the digital media product consumption in this segment is pegged at Rs 8,000 crore and is expected to go up to Rs 25,500 crore by 2020.
SillyMonks clocked revenues of Rs 4.75 crore during the last fiscal year and it hopes to grow 50 per cent during current year. While headquartered in Hyderabad, SillyMonks is present in the remaining south of India, Mumbai and Los Angeles.
