Business Daily from THE HINDU group of publications
Wednesday, Sep 20, 2006
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Business Daily from THE HINDU group of publications Wednesday, Sep 20, 2006 ePaper |
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Marketing
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Alliances & Joint Ventures Matrix Partners invests Rs 32 cr in Seventymm Our Bureau
"This financial backing will further accelerate our expansion plans and will largely be deployed for creating a robust operational network."
MR RAGHAV KHER, Founder, Seventymm (left), with Mr Rishi Navani, Managing Director of Matrix Partners India, at a press conference in the Capital on Tuesday. — Kamal Narang
New Delhi , Sept 19 Consumer services risk capital fund Matrix Partners India (MPI) announced an investment of Rs 32 crore ($7 million) in Seventymm, an online movie rental company, on Tuesday. MPI, which has a $150-million corpus, refused to disclose the percentage stake picked up in Seventymm. "We have our own representation on the board of Seventymm. This is our first investment in India and we are bullish on the prospects of the company," said Mr Rishi Navani, Managing Director, MPI. Aiming at a national footprint in the next five years, Seventymm will roll out its services in Mumbai, Chennai, Kolkata and Hyderabad in the next nine months. "This financial backing will further accelerate our expansion plans and will largely be deployed for creating a robust operational network," said Mr Raghav Kher, Founder, Seventymm. This is the second round of investment in Seventymm, the first being from the DFJ, an US-based venture fund, which invested $2 million in 2005. Seventymm currently has a customer base of around 7,500 in Bangalore. It expects a turnover of Rs 450 crore in the next five years and a customer base of one million throughout the country. MPI, which focuses on early to growth stage businesses in Internet, mobile, financial services, media, food and beverage, healthcare, travel and leisure sectors, will invest in four to seven projects every year.
More Stories on : Alliances & Joint Ventures | Cinema
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