Funding: India’s movie rental company Seventymm gets $10 million
By Vivek Puri | September 20th, 2006 at 02:03 am ET
Indian DVD rental company Seventymm, providing a service similar to Netflix, has received $7 million in funding from Matrix Partners India. Raghav Kher heads the company located in Delhi, India. Right now Seventymm is offering its movie rental services in Bangalore and New Delhi, with future plans for Bombay, Hyderabad, Chennai and Calcutta.
Seventymm has a competitive monthly subscription service that costs INR 200($4.3) for 4 movies per month or INR 549($12) for unlimited movies in a month. Seventymm has a 7,500-user base in less than six months in Bangalore, and is looking at adding another 25,000 users in New Delhi over the next one year. This is nice change for India where movie piracy is rampant.
Another competing service to Seventymm in Banglore is Catchflix.com
Links:
Seventymm
Tags: StartupSquad, Funding, India
