Internet start-up SillyMonks raises Rs 3 crore

Hyderabad-based YouTube multichannel network start-up SillyMonks has raised Rs 3 crore from Ektha group to expand its market presence and also to introduce new digital media properties.

SillyMonks plans to launch six web series on their YouTube channel Silly Tube, encouraged by the success of first Telugu web series Muddapappu Avakai, according to SillyMonks managing director Sanjay Reddy.

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."

Founded in September 2013, SillyMonks was keen to expand its position in content aggregation, customisation, and deployment of content in audio and video format for mobile carriers, devices, and music stores both in India and in world market, according to a statement.