wordpress blog stats
Connect with us

Hi, what are you looking for?

, ,

SeventyMM May Shut Down; TimeLine

SeventyMM, the online movie rental business which had later diversified into e-commerce, is shutting down its operations, reports NextBigWhat. Medianama had learnt the same from sources, but when we'd spoken with SeventyMM CEO Bhawna Agarwal on March 12th, she had said that the company was in the middle of a lot of restructuring, and couldn't comment on a shut down that since no decision has been taken then. We tried to get in touch with her for an update a couple of weeks ago, but there was no response. We're not sure of the current status, but we'll update when we find out. Founded in 2006, Bangalore-based SeventyMM raised around $21.4 million from Matrix Partners India, Draper Fisher Jurvetson, ePlanet Ventures and NEA- IndoUS Venture partners across separate funding rounds. Matrix Partners apparently exited in SeventyMM's last round of funding. The company had diversified into e-commerce from online movie rentals in August 2010. Speaking to Medianama, the company's then CEO Mudit Khosla had told that they had pivoted to e-commerce since the DVD rentals business was not offering growth opportunities in terms of subscriber addition and there were several factors which were preventing the launch of a video on demand streaming model. Back then, SeventyMM had mentioned that it will be focusing only on celebrity merchandise and on products endorsed by celebrities. However at the time of writing this article, the company had turned into yet another e-commerce venture which offers merchandise across various product categories. In January 2012, Khosla stepped down as SeventyMM's CEO and the company had appointed SeventyMM COO Bhawna Agarwal…

Please subscribe/login to read the full story.
Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

Free Reads

News

As per a report, Apple has been testing its own large language model (LLM) since last year but its technology remains behind the AI...

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ