Hyderabad-based digital and entertainment startup SillyMonks has raised $448K (INR 3 crore) from HNI Sreenivasa Reddy Musani, CMD EKTHA Group.
The company will utilise the raised funds to augment their market leadership and to introduce new digital media properties.
SillyMonks, a YouTube Multi Channel Network partner, was founded in September 2013 by Sanjay Reddy and Anil Pallala and is owned by SillyMonks Entertainment Pvt Ltd, it is a multi-channel network (MCN) delivering 100 million views a month through 650 channels on video-sharing website, YouTube.
The Hyderabad-based company is a YouTube MCN partner and has cumulative followers of 16 million across various social media platforms. Apart from creating original content, the company is also engaged in digital marketing and designing mobile apps and websites.
Sanjay Reddy, Founder and Managing Director of SillyMonks 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,”
SillyMonks plans to launch six web series on their YouTube channel Silly Tube, encouraged by the success of first Telugu web series Muddapappu Avakai produced by Pink Elephant Pictures under SillyMonks Network.
“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,”
Sanjay Reddy added.
Investor Sreenivasa Musani, who is the chairman and managing director of Ektha group, said:
“SillyMonks 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 a part of SillyMonks and the fast growing digital transformation space in India.”
SillyMonks is currently having presence in South India, Mumbai and Los Angeles.