The digital media product consumption is currently pegged at Rs 8000 crores ($ 1.2 Billion) and expected to grow at a CAGR of 33.5 per cent to reach a mind-boggling number of Rs 25,500 Crores ($ 3.9Billion) by 2020in India. Sensing the opportunity to eye a significant pie of this cake, Sanjay Reddy and Anil Pallala founded SillyMonks in September 2013.
This Hyderabad-based digital and entertainment startup is the youngest and the fastest growing YouTube Multi-Channel Network (MCN) Partner that have its strong footprints in producing content for digital, TV and Film production.
Funds Rolling In
Currently, present in South India, Mumbai and Los Angeles, startup has recently secured 3Cr from HNI Sreenivasa Reddy Musani, CMD EKTHA Group.
Sreenivasa Musani is an entrepreneur with 18 years in Internet and eCommerce related businesses. His passion is to invest and be part of technologies that make a difference in the way people interact and conduct business online.
“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,” said Musani.
The deal, which marks the largest HNI investment in this space in South of India will help SillyMonks augment their market leadership and to introduce new digital media properties.
Revealing the details 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.”
In June 2014, SillyMonks 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’sEega (Makhi)& Legend.
In the immediate short term SillyMonks 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 SillyMonks Network.
They are keen to expand its domination in content aggregation, customization, and deployment of contentsin audio and video format for mobile carriers, devices, and music stores both in India and in world markets.
Outlining its services and brand strengths in the market Reddy said "We have a multitude of popular 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 &television market space with a profitable combination of technology and content.”
SillyMonks clocked revenues of Rs. 4.75Cr in 2015-16 and in the current year the company anticipates 50 per growth.
About Their Competitors
Explaining about the market and competition Reddy said, "We are transformers so competition is not a challenge for us". They are a strong player in the film marketing to music band production to the 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.