Mobile content company Coruscant Tec has finally found a buyer. Bollywood biggie Mukta Arts Ltd has agreed to pick up 51% stake in Mumbai based Coruscant for an undisclosed sum. Mukta has retained the right to acquire the remaining 49% stake by next year, Probir Roy, Co-founder and board member of Coruscant Tec told VC Circle.
Coruscant was founded by Roy and Ajay Adiseshann, who, in 2006, founded mobile payment company Paymate. Both Roy and Adiseshann had an understanding with PayMate’s investors – Kleiner Perkins and Sherpalo – that they would give up the management of Coruscant. The current deal is a result of that.
Coruscant provided such services as bringing magazines on mobile, live streaming of content on mobile, distributing ringtones and Uncle Pai comics. The company during its peak time employed about 25 people which are now down to 10 or so, Roy said.
For Mukta, the acquisition of Coruscant will give it capabilities for digitising its vast library of bollywood content. Subhash Ghai, Chairman of Mukta Arts, said,