SeventyMM, the online movie rental business, has made another pit-stop, and will chug along for a few more laps. Refueling the business with close to Rs. 50 crores ($11.4 Million) are NEA-Indo US Ventures, and VCs from earlier rounds – Matrix Partners India, Draper Fisher Jurvetson and ePlanet Ventures. Vani Kola of NEA-Indo US Ventures has joined the board. [via Television Point]
SeventyMM has changed tracks: they were probably being lapped again and again by the movie pirates, and the web 1.0 model has been replaced a one which has a bit of both – user interactivity and movie rentals. Some of you may remember that the Web 2.0 model was deemed a waste of time last year by investor Avnish Bajaj of Matrix Partners, an investor in SeventyMM.
The brand new look – with video clip promos, a photo, audio and video gallery, also allowing users to upload content in these formats. I do hope they’re not penalized for users uploading copyrighted content since the Digital Millenium Copyright Act isn’t applicable in India. Apart from that they also have quizzes and other features, trying to involve the fan base. But there isn’t any advertising yet on SeventyMM, so it appears that they’re currently seeking to convert those discussing movies and browsing promos, into customers.
What SeventyMM hasn’t done yet, is launched the online movie streaming and movie downloads they had mentioned here in September last year, and neither do we see any edutainment services.
So far, they’ve raised around $21.4 Million – $11.4 million in this round, and around $10 million in previous rounds (pdf). Note that SeventyMM had acquired Delhi based movie rental business MadHouse, a little over a year ago. Madhouse founders have since quit to launch Morpheus Venture Partners.