Mukta Arts acquires 51% stake in Coruscant Tec
Mukta Arts has acquired 51% controlling stake in Coruscant Tec, a
Chennai based VAS company. Coruscant Tec, founded in 2003 by Ajay
Adiseshann and Probir Roy, was one the first companies to venture into
the lucrative mobile value added services space and provide content and
applications related to the fast growing MVAS space.
These
cover ringtones, wallpapers, video on demand, applications, m-comics,
mobizines, mobiepisodes and java games. Coruscant is a Red Herring
award winner in 2006 and has done innovative work in MVAS such as MF
Hussain wallpapers, Uncle Pai comics, aggregation of java games,
repurposing magazine content for the mobile, etc.
Coruscant Tec
already has several tie ups in place for content aggregation as well as
for distribution of content through major Telcos. The company is
undercapitalized and was seeking investors who could create and
aggregate content which is the key to this business. For Mukta Arts
which has access to short content created by Whilstling Woods students
and Audio and Film content, Coruscant was a good platform. Mukta has
the option of acquiring the balance 49%, also.
The company made this announcement during the trading hours today, 19 September 2008.
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