Mumbai: Movie rental service Seventymm has raised Rs 500 million in Series C funding making it one of the largest invested start-up ventures in India with a total capital investment of Rs 900 million. This round was led by NEA-Indo US Ventures and NEA India-Indo US Ventures managing director Vani Kola has joined the Seventymm board.
Seventymm had earlier raised Rs 400 million in funding from leading venture capital firms including Matrix Partners India, Draper Fisher Jurvetson and ePlanet Ventures, who also participated in this round.
Seventymm founder & CEO Raghav Kher said, "We are delighted to partner with a reputed firm like NEA Indo-US Ventures. Our vision of movies anytime, anywhere through Seventymm is now a looming reality rather than a distant dream."
NEA Indo-US Ventures managing director 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. "
From just movie rentals, Seventymm has expanded its canvas to a movie lovers’ community wherein one can discover, enjoy, share, and indulge in the world of movies apart from renting movies of their choice. The new avatar of Seventymm – Hangout with Movies is India’s first ‘interactive’ platform for movies with a host of exciting features, interactive games, and informative nuggets aimed at attracting the netizens.
Seventymm recently announced a landmark achievement of acquiring 70,000 consumers and currently has operations across leading Indian metros of Bangalore, Chennai, Hyderabad, Mumbai, Delhi, & Chandigarh.