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SeventyMM May Shut Down; TimeLine

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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 as its new CEO. Last month, Khosla had joined the Ibibo group as the CEO of Tradus.com, the online marketplace operated by the Naspers and Tencent owned Ibibo Group (MIH India).

BigFlix, also eyeing the rentals space, had shifted to a web based streaming model, abandoning physical rental of CDs and DVDs.

A SeventyMM Timeline
3rd March 2006: Seventymm Launches Online Movie Rental Service In Bangalore
19th Sep 2006: Indian Online DVD Rental Company Seventymm Gets $7 Million Funding
23rd Sep 2006: “DVD Rental Market Can Be As Much As $2.4 Billion By 2010″
24th April 2007: Seventymm Hopes To Achieve Operational Break Even This Year
5th Jun 2007: SeventyMM Acquires Delhi Based DVD Rental Co Madhouse Media
11th Sep 2007: Reliance ADAG In Talks To Acquire SeventyMM?
13th September 2007: SeventyMM Plans To Offer Movie Downloads
25th June 2008: Seventymm to Invest $17 Million For National Expansion
14th Jul 2008: Sameer Guglani Quits SeventyMM; Morpheus Ventures On Their Funding Model
21st Aug 2008: SeventyMM Gets $11.4 Million In Series C Round Led By NEA-IndoUS Ventures; Change Of Business Model?
23rd Jan 2009: Moser Baer Takes SeventyMM To Court; Thoughts On Rights
2nd Nov 2009: Mudit Khosla To Join As CEO Of Online Movie Rental Co SeventyMM
30th August 2011: SeventyMM Diversifies Into E-Commerce
8th Feb 2012: SeventyMM Puts DVD Rentals In Limbo; eCommerce Plans
28th Jan 2013: Bhavna Agarwal Replaces Mudit Khosla As CEO of SeventyMM

(Vikas SN Contributed To This Article)

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