In its bid to expand its footprint in the entertainment business, Anil Ambani-controlled Anil Dhirubhai Ambani Group (ADAG) is negotiating a buyout of India’s largest online movie rental company Seventymm Services Pvt. Ltd, which delivers video compact discs and digital video discs to homes of around 25,000 customers.Reliance Entertainment Pvt. Ltd, part of ADAG, is already into movie rentals under the brand of Big Flix.
An executive at venture fund Matrix Partners India, a local arm of US-based firm Matrix Partners, which is one of the key investors in Seventymm with a $7 million (Rs28.7 crore) investment,declined to comment on the deal. Other backers of Seventymm include venture capital firms such as Draper Fisher Jurvetson and ePlanet Ventures.
Bangalore-based Seventymm is the largest online movie rental service in India, offering access to more than 15,000 titles across multiple languages including English, Hindi, Tamil, Telugu, Malayalam, Kannada, Bengali, Gujarati, Marathi, Assamese, Oriya, Bhojpuri, Rajasthani and Punjabi.
Seventymm, promoted by entrepreneur Raghav Kher, recently acquired New Delhi-based Madhouse, which was the first Indian company to offer movie DVD rental service through the Internet, phone and text messaging services, for an undisclosed amount.
Read more in The Livemint article.
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