Seventymm Raises INR 50 crores in Series C Funding
Bangalore, India, August 21, 2008 This round was led by NEA-Indo US Ventures; Robust in its plans, charts out a 5 year roadmap 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 and 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, who also participated in this round. Commenting on the occasion, 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 organized movie rentals. We are impressed by the leadership and vision of the management team. Seventymm is an attractive investment proposition for us with its impressive service offering and pioneering achievements in shaping this market.” From just movie rentals Seventymm has expanded its canvas to a movie lovers' community wherein one can discover, enjoy, share and indulge in the world of movies apart from renting movies of their choice. The new avatar of Seventymm – Hangout with Movies is India's first 'interactive' platform for movies with a host of exciting features, interactive games and informative nuggets aimed at attracting the netizens. 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 a landmark of 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. Added Subhanker Sarker, COO Seventymm, “Seventymm has played a pivotal role in creating an organized movie rental sector in India which will be further nurtured through various industry defining initiatives. We are constantly innovating to add new dimensions to this service, improve the consumer experience and this capital infusion will accelerate our plans.” Seventymm has heralded organized movie rental service in India and is constantly setting industry standards in this relatively nascent but fast evolving segment. Indian Entertainment and Media (E&M) industry growing at 18% annually will reach the Rs. 1 trillion mark by the year 2012 from the current Rs. 437 billion. The corporatisation of the industry and the Home Video sector will play a major role in this growth.
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