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. 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.
Our earlier post: Leading global venture capital funds Kleiner Perkins Caufield & Byers and Ram Shriram’s Sherpalo Ventures are investing in Mumbai-based mobile content commerce company Coruscant Tec Paymate reports The Economic Times. 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. An announcement is expected on Friday, the paper reports. The financial terms are not available as of now.
Coruscant was founded in 2003 by Ajay Adisheshann, who is the managing director. Probir Roy, a technology veteran, is another co-founder and a director. Former MTV India honcho Alex Kuruvilla is also on the board of the company.
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.
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