HONG KONG – Indian video rentals firm Seventymm has raised $12.5 million from U.S. and other investors.

          Move is expected to increase competition in the fast developing sector which already includes Reliance ADAG's Big Flix and Nimbus Communications' Showtime as major players.

          New funding round was headed by NEA-Indo US Ventures and included ePlanet Ventures. Coin adds to previous funding rounds with Matrix Partners India, Draper Fisher Jurvetson and ePlanet.

          Seventymm CEO and founder Raghav Kher says capital will be used to expand the business and that it will have grown from six cities at present to 40 by the end of 2009.

"We are delighted to partner with a reputed firm like NEA Indo-US Ventures. Our vision of movies anytime, anywhere through Seventymm is now a looming reality rather than a distant dream," Kher said.

          Unlike Big Flix which combines rental and retail, Seventymm will stick closely to a rental-only model.

© Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

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