‘Silly Monks’ gets listed on NSE

Digital entertainment firm Silly Monks plans to get into more Indian language content in the next six months.

Focused on content aggregation, customisation, and deployment of content in audio and video format for mobile carriers, devices and music stores, the start-up is looking to meet the demand for Bengali, Marathi and Hindi content.

The Hyderabad-based firm, which now delivers content in Tamil, Telugu, Malayalam and Kannada, is also looking to aggregate content in a few South Asian languages, said Sanjay Reddy, who co-founded the company with Anil Pallala.

He was speaking to presspersons on Thursday after Silly Monks shares were listed on the National Stock Exchange. The shares were listed at ₹144 apiece or at a premium of 20% over the issue price of ₹120. The IPO, through which the company raised around ₹15 crore, was oversubscribed 17.23 times.

The proceeds from the IPO would be used to acquire audio and video content as well as to expand the company's presence pan-India, Mr. Reddy said. To queries, he said the company proposed to add more offices and double the headcount to 100 by the end of the year.

Silly Monks Entertainment is the first digital entertainment company to be listed on NSE’s small and medium-sized enterprises (SME) platform Emerge. In a press release, NSE southern region head Achal Jaiswal said NSE Emerge is a unique, dedicated platform for equity capital raising for SMEs. A total of 115 companies listed on the platform have raised over ₹1,600 crore.

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Printable version | Oct 22, 2021 5:28:57 PM | https://www.thehindu.com/news/cities/Hyderabad/silly-monks-nse-digital-entertainment/article22465942.ece

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