Matrix Partners to invest Rs 32 cr in Seventymm
Matrix Partners is investing Rs 32 crore in DVD rental company Seventymm, reports Our Bureau. This is the first investment by the venture capital fund in India after it was launched last month.
By TNN |
NEW DELHI: Matrix Partners is investing Rs 32 crore in DVD rental company Seventymm, reports Our Bureau. This is the first investment by the venture capital fund in India after it was launched last month.
For Seventymm, which is one of the early movers into the online DVD rental space, it would provide growth capital to expand into new markets. The exact stake picked by Matrix in Seventymm is undisclosed.
Seventymm which was founded by Raghav Kher last year, launched operations starting with Bangalore in March ’06. It is now moving into Delhi and the NCR region and in the next six to eight months would be present in four other cities including Mumbai.
Thereafter it plans to enter tier-II cities. Rishi Navani, founding managing director at Matrix Partners, said, “We are looking forward to partnering with the management team at Seventymm to build a market leading customer services company consistent with our strategy.” He would be joining the board of Seventymm as a part of the VC funding.
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