Hyderabad: SillyMonks, a city-based digital and entertainment startup, has raised Rs 3 crore from Sreenivasa Reddy Musani, a high networth individual (HNI) and Chairman and Managing Director of EKTHA Group.
“The funds raised will further secure and maximise return on investments (RoI) for our clients, by delivering new digitally-immersive online experiences to a highly-connected customer base and help create innovative original content,” said Sanjay Reddy, Founder and Managing Director of SillyMonks.
Founded in September 2013 by Reddy and Anil Palla, SillyMonks had raised a nominal fund from angel investor Korrapati Ranganatha Sai, a producer and known for many movie hits like Rajamouli’sEega (Makhi) and Legend. SillyMonks’ multi-channel network delivers approximately 100 million views in a month and addresses a social audience of over 16 million followers across various social media platforms.
In the immediate short-term, SillyMonks plans to launch six web series properties on its YouTube channel ‘SillyTube’ encouraged by the success of the first Telugu web series Muddapappu Avakai produced by Pink Elephant Pictures under SillyMonks Network.
Outlining its services and brand strengths in the market Sanjay said: "We have a multitude of digital media properties like MonkStar and over 650 YouTube channels with original content.
We are looking at adding compelling content and options to brands and agencies eager to connect with the critical and growing digital demographics, in the online and television market space with a profitable combination of technology and content.” SillyMonks, which generates revenues from its YouTube clients, clocked revenues of Rs 4.75 crore in 2015-16. It anticipates a 50 per cent growth this fiscal. 6 web properties