India's Seventymm raises $12.5 mil
Capital to help expand rentals firm to 40 cities
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Move is expected to increase competition in the fast developing sector, which already includes Reliance ADAG's Big Flix and Nimbus Communications' Showtime as major players.
New funding round was headed by NEA-Indo U.S. Ventures and included ePlanet Ventures. Coin adds to previous funding rounds with Matrix Partners India, Draper Fisher Jurvetson and ePlanet.
Seventymm CEO and founder Raghav Kher hopes to grow the business from six cities at present to 40 by the end of 2009.
"We are delighted to partner with a reputed firm like NEA Indo-U.S. Ventures. Our vision of movies anytime, anywhere through Seventymm is now a looming reality rather than a distant dream," Kher said.
Unlike Big Flix which combines rental and retail, Seventymm will stick to a rental-only model.
