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NSE-listed Silly Monks eyes overseas markets

Thursday, January 18, 2018, 11:03
This news item was posted in Business category and has 0 Comments so far.

Digital entertainment provider Silly Monks, which got listed at the National Stock Exchange on Thursday, plans to use the proceeds for overseas expansion, apart from acquiring content and increasing partnerships.The company raised Rs 15.12 crore by offering 12.60 lakh shares of face value of Rs 10 each.Speaking on the sidelines of listing ceremony in Hyderabad, Sanjay Reddy, managing director, Silly Monks, said, “We will use the proceeds for expanding into overseas markets like China, Europe, United States and South-East Asia where we will partner with exiting players to dub our content into their local language and market through their channels”.The company has already partnered with California-based Unreel Entertainment which is a social video platform for its foray into the American markets.Further, it plans to expand its offerings by setting up offices in other parts of the country. It has previously raised Rs 3 crore from Mumbai-based Ektha Group, which is into real estate.

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