IndianÂ movie rental service Seventymm has raised Rs 50 crore in a new round of funding from NEA-Indo US Ventures, according to the Hindu BusinessLine.
A Netflix copycat, Seventymm offers DVD rentals in Bangalore, Chennai, Hyderabad, Mumbai, Delhi and Chandigarh.
The latest round of funding will go toward expanding the service to more cities. The goal is to have a presence in 40 cities in two years, with Pune andÂ Ahmedabad (on the west) andÂ Kolkata (on the east) high on the company’s expansion list.
SeventymmÂ says it offers 18,000 titles in 12 languages and 25 categories.
Subscribers can order movies online, over the phone or through SMS.
Seventymm is said to have 70,000 subscribers and claims to be adding 7,000 members a month.
The fledgling hopes to reach four million subscribers in five years.
We have not used Seventymm since we are not based in India. We have been renting from Netflix for three years and do not have any serious complaints (of course being desis, we always whine 🙂 ). Besides Hollywood and foreign movies, Netflix also has a huge collection of Bollywood films and a fairly decent collection of Tamil movies.
Netflix has done a remarkable job in the U.S. because of its decent service and low piracy here.
In India, with piracy being so rampant and so-so customer service in general we remain skeptical that Seventymm or any of the other Netflix clones can achieve the kind of success that Netflix has in the U.S. Some 10-12 years ago (in the pre-Netflix days), Blockbuster stores (brick-and-mortar movie rental centers in the U.S.) used to be so crowded with multiple lines. The other day when we went to Blockbuster to rent Bruce Almighty before watching God Tussi Great Ho, the store was deserted.
We doubt that companies like Seventymm will have a similar impact on brick-and-mortar DVD rental stores in India as Netflix has had on Blockbuster in the U.S.