Indiantelevision.com: So now there is an online movie rental service in India. With the motto of “no late fees, no due dates”, Seventymm today announced the formal launch of its online movie rental service in Bangalore. The portal, which received venture funding of Rs 100 million from Draper Fisher Jurvetson (DFJ) as initial seed capital and a pledge of another Rs 500 million, offers over 10,000 movie titles in Hindi, English and Kannada languages.
Seventymm plans to roll out the service to the four metros and Hyderabad by the end of 2006 and to B and C class cites over the next three years. For Bangalore, Seventymm plans to use in-house services for collection and handling on a model similar to the one that Pizza Hut has. For other cities Seventymm is working on the supply chain and logistics management and may tie up with outside agencies.
“We are aiming at revenues of Rs 2 billion over the next three years and 300,000 customers,” Seventymm Founder Raghav Kher said during the launch. “Since the next wave, that is Video-on-Demand, is still some way off, we see a big opportunity here,” adds Kher. Kher has already roped in NetFlix co-founder Eric Mayer and Microsoft director of MSN and Windows Live Gurprit Pall on his advisory panel.