Matrix Partners India invests Rs 32 crore in Seventymm

Bangalore, Sep 19 (UNI) Matrix Partners India has closed its first investment, leading an US Dollar seven million (Rs 32 crore) financing in Seventymm, India's first online movie rental company.

India's first consumer services risk capital fund focused on early to growth stage businesses in the internet, mobile, financial services, media and entertainment, food and beverage, healthcare, travel and leisure sectors, the company said in a release here today.

Matrix Partners India, co-founded by Avnish Bajaj and Rishi Navani with Matrix Partners US, strived to be the trusted partner providing risk capital to build market leading consumer services companies. As part of this investment, Rishi Navani had joined the Board of Directors of Seventymm, the release said.

With this second round of funding, Seventymm had also announced the launch of its Delhi operations. Seventymm successfully started its Bangalore operations earlier this year with first round of funding from another reputed venture capital firm, Draper Fisher Jurvetson, which also participated in this round. This brought the total capital raised to the tune of US Dollars ten million.

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