Matrix Partners India makes its debut investment in Seventymm
Delhi, India, September 19, 2006 Leads Rs.32 crore ($7 million) investment in Seventymm, India’s first online movie rental service Seventymm to launch Delhi operations Matrix Partners India has closed its first investment, leading a Rs. 32 crore ($7 million) financing in Seventymm, India’s first online movie rental company. India’s first consumer services risk capital fund focuses on early to growth stage businesses in the Internet, mobile, financial services, media & entertainment, food & beverage, healthcare, travel & leisure sectors. Matrix Partners India, co-founded by Avnish Bajaj & Rishi Navani with Matrix Partners US, strives to be the trusted partner providing risk capital to build market leading consumer services companies. As part of this investment, Rishi Navani has joined the board of directors of Seventymm. With this second round of funding, Seventymm has also announced the launch of its Delhi operations. Seventymm successfully started its Bangalore operations earlier this year with first round of funding from another reputed venture capital firm, Draper Fisher Jurvetson which also participated in this round. This brings the total capital raised to the tune of $10 million. Commenting on the occasion, Raghav Kher, Founder & CEO, Seventymm said, “We are delighted to partner with Matrix India for our second round of funding & this speaks volumes of our business potential. This financial backing will further accelerate our expansion plans & will largely be deployed for creating a robust operational network for the benefit of Seventymm subscribers. We have pioneered successfully in Bangalore & will continue the momentum for all the other markets as well.” Rishi Navani, Founding Managing Director, Matrix Partners India, said, “Seventymm is addressing a significant movie rental market opportunity with a compelling value proposition for the customer. We are looking forward to partnering with the management team at Seventymm to build a market leading consumer services company consistent with our strategy.” Added Subhanker Sarker, COO, Seventymm, “The general lifestyle in India is witnessing a significant change. People are looking for choice & convenience combined with comfort in every aspect including watching a film. With its unique model designed to provide a pleasurable user experience at every stage, Seventymm addresses the need-gaps of watching movies at home.” Seventymm has pioneered the online rental model in home entertainment & e-commerce category in India. Through www.seventymm.com, the company offers more than 10,000 titles covering Hindi, English & seven other regional languages including award winning documentaries. Movie enthusiasts get to enjoy an original print of their favourite film in the comfort of their homes. The portal offers informative content & easy to use site navigation along with a variety of search & browse features, make finding everything from the classics to the newest releases as easy as clicking a button. About Matrix Partners India: Matrix Partners India, co-founded by Avnish Bajaj & Rishi Navani along with Matrix Partners US, is focused on being the trusted partner in providing risk capital to build market leading consumer services companies. Matrix Partners India invests $10 million+ over multiple rounds with an initial investment ranging from $500K to $10 million in consumer services businesses targeting the Indian market in the Internet, mobile, financial services, food & beverage, media & entertainment, healthcare, travel etc. sectors. The fund's investors include leading US university endowments & family foundations. Further information is also available at www.matrixpartners.in About Seventymm: Seventymm is India’s first online movie rental service, pioneering the online retail model in home entertainment & e-commerce. Seventymm - www.seventymm.com - offers the largest selection of original DVD/VCDs to its subscribers. The consumer can choose from more than 10,000 titles covering Hindi, English & seven other regional languages. By using this service, movie enthusiasts can enjoy an original print of their favourite film in the comfort of their homes at a minimal cost without the hassle of picking-up & returning movies. Seventymm is founded by serial entrepreneur Raghav Kher & is managed by an experienced team of professionals with commendable corporate & FMCG backgrounds. Eric Meyer, co-founder & former CIO of Netflix, is an advisor on the Seventymm board. Seventymm’s services are currently available in Bangalore & Delhi.
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