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.