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Mumbai, June 25

Seventymm — the movie rental company has reached a milestone of 70,000 members. With a target of reaching four million subscribers with revenues to the tune of Rs 1,500 crore in the next five years, the portal has already completed two rounds of VC funding from the US-based venture capital firms such as Matrix and DFJ. At a press conference, Mr Subhankar Sarkar, COO, Seventymm, said, “We would be needing additional funds of $15 million in the next five years an d plan to reach 40 cities by 2009”. Currently, the movie rental business has seen big players such as Big Flix.com (from Reliance ADA Group) and Nimbus entering this domain.

— Our Bureau

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