ContentSutra reported that Seventy mm, the online dvd rental company has raised $12mn in its third round of funding:

Bangalore-based online DVD rental company Seventy mm has received $12.5 million (Rs 50 crore) from NEA Indo US Ventures. This will be the third round of funding for Seventymm, which now has a total capital of around $22 million.

Seventy mm plans to use this money to expand its online offering, and not foray into retail as Reliance Entertainment’s Big Flix are doing.

I was thinking of switching to Seventy mm away from my account at the local Shemaroo video store - they charge a ridiculous Rs. 125 per DVD per day (although for ‘old’ customers they’re pretty relaxed on the late fee policy). The reason why I haven’t made the switch Read the rest of this entry »