Seventymm.com Raises $12 Million Series C From NEA-IndoUS Ventures
Seventymm.com is just like Netflix, but is based in Bangalore, India. Seventymm Services Pvt. Ltd., the owner of Seventymm.com has recently $12 million in Series C from NEA-IndoUS Ventures. The $12 million Series C round of funding brings Seventymm’s total funding to $22 million. ePlanet Ventures invested $2 million in 2005 and Matrix Partners invested $8 million. As part of the Series C funding, Vani Kola will be joining the Seventymm Board of Directors.
Through some of the funding, Seventymm acquired Madhouse, a Delhi, India based online DVD company last year. Prior to the acquisition, Madhouse raised $228,000 in seed funding.
Reliance ADAG was supposedly was rumored to be in talks for buying out Seventymm.com recently. With this round of funding, Seventymm plans on expanding their reach and improving their home delivery services. Seventymm offers their services in Bangalore, Chennai, Hyderabad, Mumbai, Delhi, and Chandigarh. Seventymm currently employs 400 people.@amitchowdhry or on Google+ at +AmitChowdhry