YouTuber Ranveer Allahbadia's Monk-E posts 59% profit growth in FY24: Report
The digital influencer marketing company, co-founded by Viraj Sheth, generated a revenue of Rs 97.8 crore in fiscal year 2023-24
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Youtuber Ranveer Allahbadia's startup venture Monk Entertainment has reported a significant revenue in fiscal year 2024, according to media reports.
The digital influencer marketing company, co-founded by Viraj Sheth, generated a revenue of Rs 97.8 crore in fiscal year 2023-24.
Allahbadia, also known by the social media name BeerBiceps, has been embroiled in a controversy over his remark on a YouTube show, The Latent Got Talent.
While Allahbadia has received a barrage of criticism, losing followers and brand deals, his startup venture booked profit in FY2024.
Monk-E recorded a profit of Rs 7.23 crore, up 59 percent year-on-year. In the previous financial year, his company's profit was Rs 4.55 crore.
The company is a digital media agency that specializes in talent management, video production social media engagement, and influencer marketing.
According to a report by Entrackr, the company generated 86.6 percent of its revenue from India while the rest came from the international market.
In terms of expenditure, influencer marketing charges made up 84 percent of the total expenses to Rs 77.4 crore in FY24. Out of the total influencer marketing charges, Allahbadia and his venture BeerBiceps Media received Rs 7.77 crore for providing technical services to Monk-E.
Monk-E's total current assets were recorded at Rs 28.46 crore, including Rs 5.5 crore in cash and bank balances in FY24, the Entrackr report added.
As per the latest development in Allahbadia's case, he has sought protection from impending police actions from the Supreme Court. The podcaster said he had been getting death threats and that he was cooperating with the police.
In a post on Instagram, Allahbadia wrote, "My team and I are cooperating with the police and all other authorities. I will follow due process and be available to all agencies. My remark about parents was insensitive and disrespectful. It is my moral responsibility to do better and I am genuinely sorry.”
He added, "I'm watching death threats pour in from people saying that they want to kill me and hurt my family. People have invaded my mother’s clinic posing as patients. I’m feeling scared and I don’t know what to do. But I’m not running away. I have full faith in the police and the judicial system of India".
