Update: We’ve just received an official confirmation from SeventyMM, regarding the appointment of Mudit Khosla as CEO. Read the press release here

Original Story (Nov 2nd 2009, 16:18pm) MediaNama has learned from reliable sources that Mudit Khosla, founding GM and Head of Strategic Alliances at Online Travel Agency Yatra, will be joining online movie rental service SeventyMM as CEO. Khosla, on being contacted, declined to confirm or deny the development.

SeventyMM has been funded by NEA-IndoUS Ventures, Matrix Partners, Draper Fisher Jurvetson and ePlanet Ventures. It’s an interesting move, and a fight against overwhelming market forces: The online movie rental business still has miles to go before it has an impact on the Indian market, faced with significant challenges ranging from movie piracy (rental services just a call away), the lag between new film releases and the time that they are released on DVD, of Moser Baer selling DVDs for Rs. 40-50; the issue is of profitably distributing and collecting legal movies. In the movie rentals space, SeventyMM competes with BIGFlix from Reliance ADA Group and Showtime from Nimbus.

Khosla has been associated with the e-commerce space for a long time – he was with Yatra for around 3 years and eight months, prior to which he was Business Head for E-commerce at Times Internet Ltd (Indiatimes), a company with which he he spent over 5 years.

The other thing to note is that two old Yatra hands have moved in quick succession: Khosla’s move comes shortly after Nikhil Rungta, Head of Marketing at Yatra left to join Google India as Head of Marketing.