Bangalore-based VCD/DVD rental service company Seventymm has acquired 100 per cent equity of the New Delhi-based Madhouse for an undisclosed amount. | |
| Madhouse is the first Indian company to offer movie DVD rental services via multiple channels - web, SMS, phone and kiosks - for home delivery. Seventymm chief operating officer Subhankar Sarkar declined to comment on the Madhouse acquisition. |
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| Heavyweights such as the Anil Ambani-promoted ADAG, Nimbus and Moser Baer are entering the largely unorganised sector, which is expected to grow to Rs 2,000 crore by 2010. |
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| Industry analysts pointed out that Seventymm has over 25,000 members across five cities and the Madhouse acquisition would make it the largest player ahead of ADAG's entry. |
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| "Seventymm will be have the first advantage as Nimbus's entry is likely to be delayed. The Madhouse network will supplement Seventymm' expansion plans," they added. |
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| Earlier, Seventymm had received private equity funds from overseas amounting to Rs 42 crore. |
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