Ecommerce website, Seventymm seems to have close to shut its operations as the website has stopped taking orders.
In January this year the company has lost its Chief Executive Officer Mudit Khosla who joined Tradus, and with this Bhavna Agarwal was appointed as the new CEO, previously she was the COO in the company.
SeventyMM failed to raise another round of funding and was running short of the operational capital, which can be the main reason for its shutdown. We tried reaching Bhawna but however she did not responded to calls.
While checking out its presence on social media we found that it was not even active Facebook and Twitter from past few days. There has been a large number of complaints against the company’s ordering and the delivery processes on social media.
Founded in 2006 by Raghav Kher, Seventymm was started as an online DVD rental company and later on was transformed into a full-fledged ecommerce portal. In August 2008, it had raised $12 million in the third round of funding led by NEA Indo US Ventures. In total it had raised capital of about $22 million so far, while Draper Fisher Jurvetson with ePlanet Ventures had invested $2 million in 2005, the rest was raised from Matrix Partners in 2006.