New Delhi, Aug 20 (UNI) Bangalore-based movie rental services provider Seventymm today said it is targeting a revenue of Rs 1,500 crore and plans to reach the four million subscriber mark in the next five years.
''We currently have 70,000 members. We plan to increase this to four million in the next five years and establish presence in 40 cities by end of 2009,'' Seventymm CEO and founder Raghav Kher told reporters here.
Seventymm is present in six cities and will establish presence in Pune, Kolkata and Ahmedabad by the end of the year.
The company has raised Rs 50 crore funding through venture capital to finance its expansion plans.
''This funding will be mainly utilised in the future expansion, marketing plans and building our brand,'' he said.
Asked about the competition from other organised sector players such as ADAG's BigFlix, Mr Kher said mom and pop stores are more serious competition. ''The market is still dominated by the unorganised sector but people are getting hooked to us because we offer a value proposition,'' he said.
Seventymm, which was launched in the country in 2006, offers three subscriprion plans for Rs 250 (six movies a month with one being rented at a time), Rs 299 (unlimited films with one film being rented at a time) and Rs 549 (unlimited films with two films being rented at a time).
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