Seventymm, India’s largest movie rental service has raised Rs 50 crores in Series C funding making it one of the largest invested start-up ventures in India with a total capital investment of Rs 90 crores. This round was led by NEA-Indo US Ventures. Vani Kola, Managing Director of NEA India-Indo US Ventures, has joined the Seventymm board. Seventymm had earlier raised Rs 40 crores in funding from leading venture capital firms including Matrix Partners India, Draper Fisher Jurvetson and ePlanet Ventures.
Raghav Kher, Founder & CEO Seventymm, said, “We are delighted to partner with a reputed firm like NEA Indo-US Ventures and this reaffirms our strategic direction. Our vision of movies anytime, anywhere through Seventymm is now a looming reality rather than a distant dream.”
Vani Kola, Managing Director NEA Indo-US Ventures, said, “Seventymm is the market leader in organised movie rentals. Seventymm is an attractive investment proposition for us with its impressive service offering and pioneering achievements in shaping this market.”
Seventymm recently announced a landmark achievement of acquiring 70,000 consumers and currently has operations across leading Indian metros of Bangalore, Chennai, Hyderabad, Mumbai, Delhi & Chandigarh. With a long term goal of reaching 4 million members in next 5 years, Seventymm plans to be in 40 cities by end of 2009 and offer many more film based entertainment options to its ever growing fraternity members.
Source: Sify