Seventymm unveils expansion plans; to raise $15 million


    Mumbai: Online movie rental service provider Seventymm has enrolled and announced its 70,000th subscriber, Soha Ali Khan. The company also announced its expansion plans and goals for the next five years. Also present at the conference was the portal’s first member Vasundhara Das.  

    Since its inception in March 2006, Seventymm has built up a database of 70,000 subscribers. With two rounds of venture capital (VC) funding amounting to $9 million, Seventymm has spread across Mumbai, New Delhi, Bangalore, Chennai, Hyderabad and Chandigarh. It offers 18,000 movies in various different languages and genres.

    Seventymm founder & CEO Raghav Kher said, "Building a 70,000 strong member base is a significant milestone for us and we believe it is the inflection point in our march towards achieving 4 million members over the next five years."

    Announcing the company’s future plans COO Subhanker Sarker said, " plans to expand to 40 cities by 2009 end, and we will need further investment of $15 million which will be raised through another round of VC funding or launching an IPO."

    Added Soha Ali Khan, "Movies are passion and profession; I am looking forward to enjoying this vast repertoire of films. I personally feel that Seventymm has contributed immensely to the film industry by building the category of organized movie rentals…movie lovers can now enjoy the original prints of their favourite films in the comfort of their homes."