Hyderabad based digital and entertainment startup SillyMonks has raised Rs 3 Crore from HNI Sreenivasa Reddy Musani, CMD EKTHA Group.
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.”
Founded in 2013, SillyMonks plans to expand in content aggregation, customization, and deployment of contents in audio and video format.
The digital media product consumption in this segment is currently pegged at INR 8000 crores ($ 1.2 Billion) and expected to grow at a CAGR of 33.5% to reach Rs 25,500 Crores ($ 3.9Billion) by 2020 in India.
In June 2014, SillyMonks had raised a nominal fund from an Angel Investor Korrapati Ranganatha Sai of Vaaraahi Chalana Chitram.
SillyMonks clocked revenues of Rs 4.75Cr in 2015-16 and in the current year the company anticipates 50% growth.