Update: Kleiner And Sherpalo To Pick Up Stake In Indian Mobile Payment Firm Paymate

[By Sahad] Via our sister site ContentSutra: Update: There is a correction. We just received a press release from the PR firm of KPCB and Sherpalo. The investment has actually happened in Paymate, a mobile commerce company set up by Ajay Adisheshann and Probir Roy, the founders of Coruscant Tec. So Paymate is a group company of Coruscant. The investment is upwards of $5 million. Paymate is a mobile payment platform that will allows users to utilize their mobile phones to make payments.
Earlier Post: Kleiner Perkins Caufield & Byers and Ram Shriram’s Sherpalo Ventures are investing in Mumbai, India-based mobile content company Coruscant Tec payment company Paymate. This will be the third investment in India for KPCB and Sherpalo. They had recently funded Cleartrip.com and also picked up a small stake in Naukri.com.
Coruscant provides mobile solutions with a focus on content, applications and commerce. It works with all leading content partners and operators in India. Coruscant will be probably the third mobile content company to be backed by VCs. Mauj Telecom and Nazara Technologies had received funding from Sequoia Capital India (formerly WestBridge Capital Partners) in the past.

Comments have been disabled for this post