Online movie rental firm SeventyMM has roped in Mudit Khosla, head of strategic alliances at online travel agency Yatra, as its CEO to drive new initiatives and revenue streams.
The Bangalore-based movie DVD rental company has raised a total capital of about $22 million from NEA-IndoUS Ventures, Matrix Partners, Draper Fisher Jurvetson and ePlanet Ventures.
Khosla has been associated with Yatra for three months now, prior to which he was the business head for e-commerce at Times Internet Ltd (Indiatimes).
The movie rental segment has, of late, seen lot of action with the entry of Reliance ADAG’s Big Flix and Nimbus Communication’s Showtime. ADAG was also reported to be in talks to buy out Seventymm after it made its entry into the DVD rental segment. Then, there is Moser Baer, which has released DVD and VCD movies at a price of Rs 34.
SeventyMM currently has over 20,000 movie titles in its portfolio in 18 different languages, and is operational in Delhi, Mumbai and Bangalore.
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