Ranveer Allahbadia's Monk-E nears ₹100cr revenue, profit surges to ₹7.2cr
What's the story
Monk Entertainment, the digital media agency co-founded by YouTuber Ranveer Allahbadia (BeerBiceps) and Viraj Seth, has clocked nearly ₹100 crore in revenue for the fiscal year 2024.
According to the company's annual financial statements (via Entrackr), operational revenue saw a marginal 2.2% increase, from ₹95.8 crore in FY23 to ₹97.8 crore in FY24.
The growth highlights the increasing popularity of digital influencer marketing in India amid growing social media usage and internet penetration.
Profit surge
Monk-E's profit and asset growth in FY24
Monk Entertainment, or Monk-E, also saw a massive 58.9% YoY increase in profit, with the net gain rising to ₹7.23 crore in FY24 from ₹4.55 crore in FY23.
The company's Return on Capital Employed (ROCE) was 35.4% while its EBITDA margin was 7.86%.
Monk-E's total current assets at the end of FY24 stood at ₹28.46 crore, including ₹5.5 crore in cash and bank balances, reflecting a strong position for the digital media agency.
Financial overview
Monk-E's revenue sources and expenditure breakdown
Monk-E provides talent management, video production, social media management, and influencer marketing services.
In FY24, the company earned 86.6% of its revenue from domestic markets and the rest from international ones.
Influencer marketing charges made up 84% of overall costs which witnessed a marginal 2% YoY decline to ₹77.4 crore in FY24 from ₹79 crore in FY23.
The company's total costs for FY24 stood at ₹92 crore, including commission, legal fees, rent, advertising expenses, and other overheads.