Top Story

e4m_logo.png

Home >> Media - Others >> Article

Seventymm raises Rs 50 cr in third round of funding

21-August-2008
Font Size   16
Share
Seventymm raises Rs 50 cr in third round of funding

Movie rental service Seventymm has raised Rs 50 crore in series C funding (third round of funding) making it one of the largest invested start-up ventures in India with a total capital investment of Rs 90 crore. Seventymm had earlier raised Rs 40 crore in funding from venture capital firms, including Matrix Partners India, Draper Fisher Jurvetson and ePlanet Ventures, who also participated in this round.

The latest round of funding was led by NEA-Indo US Ventures, and Vani Kola, Managing Director of NEA India-Indo US Ventures, has joined the Seventymm board.

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.”

Elaborating on the marketing and advertising plans, Subhanker Sarker, COO Seventymm, said, “Our creative agency is Rediffusion DYR Kolkata. Last year, we had spent Rs 2 crore on advertising in the mass media. This year, we will be spending Rs 8 crore on advertising and marketing and will be coming out with a TVC by the end of this year. We are taking a complete 360-degree initiative.”

Sarker further said, “Seventymm has played a pivotal role in creating an organised 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 70,000 consumers and currently has operations across Bangalore, Chennai, Hyderabad, Mumbai, Delhi and Chandigarh. With a long term goal of reaching a landmark of 4 million members in the next five years, Seventymm plans to be present in 40 cities by the end of 2009 and offer many more film-based entertainment options to its fraternity members.

Tags

Our typical marketing budget is usually 10 per cent of the topline spend

There are some forces impacting the way our business works. The IT/ITeS sector has changed tremendously. Platforms like Twitter have made everyone journalists. Smartphones have made everyone a photographer. The trend that we are seeing is one of hyperdigitalization, which is causing the lines between product and services to blur. For example, <a href=http://www.exchange4media.com/company/news/amaz...

The OOH sector is among the fastest growing, globally. Brands and marketers have realized its potential and impact and begun to craft medium-specific adverts. Self-regulation is not only necessary but also essential to growth of the sector. The industry needs to exercise a certain level of this self-restraint to prove its commitment to maintaining the best standards in advertising.

<b>Clients are looking for experiential solutions beyond radio or print: Abraham Thomas, Radio City 91.1 FM</b><br><br> From entering new markets to launching large format events, Radio City 91.1FM has been on a roll. The radio channel recently announced the launch of India’s biggest singing talent hunt-Radio City Super Singer Season 8. Earlier this year, the channel set up its own creative-cum...

Under the watchful eye of Walt Disney, Bindass undergoes brand repackaging with a fresh new show ‘Dil Buffering’ simulcast across its linear and social media platforms on September 29 and will launch...

Apart from the mandate for the first project which is the Ashiana Town in Bhiwadi, Tomorrow and InterTwined will deliver brand solutions across film, print, radio, outdoor and activation besides provi...

Despite advertising picking up after a slow Q1, regional FM players still feel that the lingering effect of GST, RERA, demonetisation will still make its impact felt during the upcoming festive quarte...