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New Delhi, Aug 26: offer, the rental services have also embarked on an expansion spree. Mansharamani said, “After our recent tie-up with TNT courier service, we are technically present in 300 cities. Currently we are serving 10,000 customers and aim to touch about a million in five years”. Seventymm, which raised Rs 50 crore from NEA-Indo US Ventures last week and had earlier raised Rs 40 crore from VCs like Matrix Partners India, Draper Fisher Jurvetson plans to expand to 40 cities from its current six city presence in next five years. It aims to reach a target of 4 million customers from its current 70,000 in the same period. “We plan to have 200 stores by March 2009 in minimum 10 cities and later plan to expand our presence to other Tier II cities as well.
“Our three year plans include presence in 35 cities,” said Gianchandani of Bigflix, which also owns offline rental stores and plans to capture 50% of organized rental market share by March 2009. According to industry estimates, the home video rental market in the country is as big as the sell through market, currently pegged at Rs 900 crore, growing 20-25% annually to touch Rs 1,500 crore by 2012. ...
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