Hyderabad-based digital and entertainment startup SillyMonks has raised $448K (INR 3 crore) from HNI Sreenivasa Reddy Musani, CMD EKTHA Group. He is an entrepreneur with 18 years of experience in Internet & ecommerce related businesses specialising mostly in disruptive technologies.
The company will utilise the raised funds to augment their market leadership and to introduce new digital media properties.
“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,” said Sanjay Reddy, Founder and Managing Director of SillyMonks.
SillyMonks is a YouTube Multi Channel Network partner, founded in September 2013 by Sanjay Reddy and Anil Pallala. The channel has a multitude of popular digital media properties like MonkStar Music that provides a platform for independent artists and has over 650+ YouTube Channels with original content. It delivers approximately 100 Mn + views in a month and addresses a social audience of 16+ Mn followers across various social media platforms.
Earlier in June 2014, SillyMonks had raised undisclosed fund from an angel investor Korrapati Ranganatha Sai of Vaaraahi Chalana Chitram.
Besides being Google & Yahoo Partners in India, the startup has also co-produced the Telugu movie named ‘OohaluGusagusalade’ ‘DikkuluChoodakuRamayya’ ‘Tungabhadra’ ‘Raja CheyyiVesthe” along with angel investor.
“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,” said Reddy.
Revenues for SillyMonks come from its clients through YouTube advantage share, retainership engagement including digital marketing & Mobile & Web designs. It clocked revenues of INR 4.75 Cr in 2015-16 and in the current year the company anticipates 50% growth.
Explaining about the market and competition Sanjay says, “We are transformers so competition is not a challenge for us”. He believes that they are a strong player in the film marketing to music band production to promotion of different brands in the online market, helping various stakeholders, ranging from SME to big film production houses – to musicians to content creators, to grow their digital footprint.
The company plans to launch six web series properties on their YouTube channel “SILLY TUBE” encouraged by the stupendous success of first Telugu web series MuddapappuAvakai produced by Pink Elephant Pictures under SillyMonks Network. The founders are keen to expand its domination in content aggregation, customisation, and deployment of contents in audio & video format for mobile carriers, devices and music stores, both in India and in worldwide.
Digital media product consumption in this segment is currently pegged at $1.2 Bn (INR 8000 crores) and expected to grow at a CAGR of 33.5% to reach $3.9 Bn (INR 25,500 Crores) by 2020 in India.
SillyMonks is currently having presence in South India, Mumbai and Los Angeles.