Hyderabad based digital media firm Silly Monks has acquired a 51% stake in Chintala Sports Private Limited for an undisclosed amount, reports the Economic Times. The financial details of the acquisition were not available. We have reached out to Silly Monks and will update this when we hear from them.
Silly Monks, which opened its IPO early this year, had previously expressed its desire to expand its product catalogue and presence pan-India. However its foray into sports comes as a surprise. The company may be looking at getting broadcast rights or streaming or possibly doing digital outreach for Chintala Sports. The sports company is the curator of Telangana Premier Kabaddi League. It seems that Silly Monks was either a media partner or a sponsor in the TPKL which took place in January this year, as seen in this YouTube video.
Incorporated in 2013, Silly Monks is a startup which focuses on digital media publishing, movie/content production, celebrities social media management, app development, audio content Distribution, Google Ad words and digital Advertising, event management, and live band performances.
In June, the company reported a consolidated revenue of Rs 15.76 crore in the fiscal year 2018, up 31% as compared to Rs 12 crore in FY 2017.