Hyderabad based digital and entertainment start-up Silly Monks – the youngest & the fastest growing YouTube Multi Channel Network Partner, has raised Rs 3 crore from Sreenivasa Reddy Musani, CMD EKTHA Group. The deal, marked as the biggest HNI investment in this space in South of India, will help Silly Monks augment their market leadership and to introduce new digital media properties.
Musani is an entrepreneur with 18 years of experience in Internet & E-commerce related businesses, specializing mostly in disruptive technologies. His passion is to invest and be part of technologies that make a difference in the way people interact and conduct business online.
“Silly Monks has shown tremendous potential in its growth and is well placed to be part of new digital revolution in India in the coming years. We are excited to be part of Silly Monks and the fast growing digital transformation space in India,” said Musani.
Revealing the details Sanjay Reddy, Founder and Managing Director of Silly Monks said, “The funds raised will further secure and maximise ROI for our clients, by delivering new digitally immersive online experiences to a highly connected customer base and help create innovative original content.”
In the immediate short term, Silly Monks plans to launch six web series properties on their YouTube channel “SILLY TUBE” encouraged by the stupendous success of first Telugu web series Muddapappu Avakai, produced by Pink Elephant Pictures under Silly Monks Network.
A start-up venture founded by Media & Entertainment Specialist Sanjay Reddy and Anil Pallala in September 2013, Silly Monks is keen to expand its domination in content aggregation, customization, and deployment of content in audio and video format for mobile carriers, devices, and music stores both in India and in world markets.
Outlining its services and brand strength in the market, Reddy said, "We have a multitude of popular digital media properties like Monk Star 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 &television market space with a profitable combination of technology and content.”
The digital media product consumption in this segment is currently pegged at Rs 8000 crore and is expected to grow at a CAGR of 33.5% to reach Rs 25,500 crore by 2020 in India.
In June 2014, Silly Monks had raised a nominal fund from an Angel Investor Korrapati Ranganatha Sai of Vaaraahi Chalana Chitram, a well-known producer and known for many movie hits like Rajamouli’s Eega (Makhi) & Legend.
Commenting on the market and competition Reddy adds, “We are transformers so competition is not a challenge for us".
Silly Monks clocked revenues of Rs 4.75 crore in 2015-16 and in the current year the company anticipates 50% growth.