Funding Updates: Ojas Funds Mango & Seventymm Raises 50 Cr From NEA-Indo US Ventures

Well its raining investment news today with two companies raising funding but at different stages. Its always better to hear of seed/early stage investments happening in this space as thats where the most money is required albeit in smaller chunks compared to middle and late stage funding. So here are the top funding news stories for today..

ojasventuresOjas Ventures Invests in Mobile Tech Startup Mango Technologies

Ojas Ventures which is a seed and early stage venture firm has made its 3rd investment (post Tyfone and Ziva both of which were in the mobile space) in a mobile tech startup by the name of Mango Technologies. VCcircle reports that Mango has developed a thinnest modular application & UI framework, which considerably reduces engineering effort and time spent on development and integration.

The details of the deal have not been disclosed yet but Rajesh Srivastha sounds upbeat on the mobile space in India. We shall soon have a video interview with Mr. Srivastha with regards to Ojas and its investment strategy up on WATBlog soon.

Well on to our second funding story..

seventymmSeventymm raises 50 Crores from NEA-Indo Us Ventures in C Series Funding

Seventymm has raised 50 crores in C series which was led by NEA-Indo Us Ventures and also participated by its earlier investors DFJ and Matrix Partners. Seventymm is pitted against the likes of BigFlix of Reliance which ofcourse has no dearth of cash and is ramping up aggressively in this space. Seventymm seems to have raised this round to invest in brand awareness as afaqs reports that Seventymm has already deployed about 8 crores for the year in the branding exercise which would include TV, radio, print and mobile. The mobile marketing would be handled by MGinger (No surprises here. MGinger is funded by the same VC.. Think DFJ.. helps in getting customers!).

Well thats its for the funding news for today.. Do send us tip off’s on info (at) watblog (dot) com on any funding news that you hear of.

One Response to “Funding Updates: Ojas Funds Mango & Seventymm Raises 50 Cr From NEA-Indo US Ventures”

  1. August 22, 2008 at 2:54 pm #

    I think that Big Flix’ move to do the online-offline is a great is a far superior model when compared to Seventy mm’s. Online rental with Seventy mm, based on my friends’ experiences requires a lot of planning, and at the end – you have to wait ages before you get the DVD you wanted to see. I’ve often picked up DVDs from my local store at the spur of the moment, on the way home from work, just because I felt like watching *any* movie – this is not possible with an online only model. On the other hand I’ve often lamented them not having an online catalog, which makes browsing and booking movies much easier. Big Flix’ model fulfills both needs.

    Read my post on why I think Reliance will emerge victorious in the ‘DVD rental wars’ at: http://www.moneyvidya.com/blog/?p=369

    Gautam Kshatriya
    gautam.kshatriya@moneyvidya.com
    http://www.moneyvidya.com

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