Indian Online DVD Rental Service Seventymm Raises $12 Million In Third Round
This story was written by Rafat Ali.
The funding activity in India in digital media is picking up fast: Bangalore-based online DVD rental company Seventymm has received $12.5 million (Rs 50 crore) from NEA Indo US Ventures. This will be the third round of funding for Seventymm, which now has a total capital of around $22 million. While DFJ with ePlanet Ventures had invested $2 million in 2005, the rest was raised from Matrix Partners in 2006.. Last year Seventymm had acquired Delhi-based online DVD rental firm Madhouse, which had received angel investment of $228,000.
There is a lot competition in the DVD rental segment in India with entry Reliance ADAG's Big Flix and Nimbus Communication's Showtime. ADAG was also reported to be in talks to buyout Seventymm after it made its entry into the DVD rental segment. Nimbus communications also made an entry into this segment in May this year with their entertainment rental and sale business called Showtime. Then there is also Moser Baer, who has released DVD and VCD movies at a price of Rs 34. More on our India site ContentSutra.
By Rafat Ali