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DealTracker – Seventymm Raises Rs 50 Crore In Series C

Posted on August 21st, 2008 by dhirender

In a round led by NEA-Indo US Ventures, online movie rental service Seventymm, has raised Rs. 50 crores in Series C.
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.
“We will be spending the money raised from funding on branding activities, content acquisition and expanding our presence in the country,” Subhanker Sarker, chief operating officer, Seventymm.com told afaqs.
The company owns 18,000 movie titles, of which 40% are in English, 30% in Hindi and the remaining 30% in different local languages such as Bengali, Marathi, Bhojpuri, Telugu, Malayalam and Punjabi.
Seventymm.com caters to 70,000 subscribers in six cities and is planning to expand its base to four million subscribers in the next five years. It will start offering its services in Kolkata, Pune and Ahmedabad by the end of 2008 and cover the top 40 cities of India by the end of 2009.