Seventymm raises 12mn $ from NEA-Indo US Ventures

Seventymm has raised $12mn (Rs 50 crores) from NEA-Indo US Ventures for expansion into 40 cities in the next two years.

Seventymm has earlier raised funding from Matrix and DFJ, has 70,000 customers and plans to reach 4 million subscribers with revenues to the tune of Rs 1,500 crore in the next five years

The business, which claims a consumer base of 70,000 people and is adding 7000 consumers a month, has an average revenue per user of Rs 250.

Seventymm aims to reach four million members in next five years with a presence in 40 cities in two years. On the immediate roadmap are Kolkata, Ahmedabad and Pune. – source

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