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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…

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Written By

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

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

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