India’s probably first online DVD rental company Seventymm has secured $7 million from Matrix Partners India. This is Matrix Partners India’s first investment in India after it launched a $150-million fund couple of months ago. India’s Netflix - Seventymm - is planning a network expansion across major metros.
This is the second round of investments in Seventymm. US venture fund DFJ had invested about $2 million in the company in 2005. It has so far raised $10 million. The company is targeting a customer-base of one million and a turnover of $100 million in the next five years. It currently has 7,500 customers in Bangalore with a library of more than 10,000 movies. Matrix Partners India is run by Avnish Bajaj and Rishi Navani.