Seventymm raises Rs 50 crore in Series C funding

Televisionpoint.com Correspondent | Mumbai
Seventymm, a movie rental service, has raised Rs 50 crore in Series C funding. This round was led by NEA-Indo US Ventures. Vani Kola, managing director, NEA India-Indo US Ventures, has joined the Seventymm board with this development.

Seventymm had earlier raised Rs 40 crore in funding from VC firms including Matrix Partners India, Draper Fisher Jurvetson and ePlanet Ventures, who also participated in the present round of funding.

Raghav Kher, founder and 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 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. "

The new avatar of Seventymm - Hangout with Movies, is first interactive platform for movies with a host of features, interactive games and informative nuggets aimed at attracting the netizens.

Added Subhanker Sarker, COO, Seventymm, "We have 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."