Networking hardware maker Cisco Systems has acquired a minority stake in the India based media start up Qyuki, according to media reports.
With this new deal, Cisco will be enjoying a 17 per cent holding in the firm founded by music director and Oscar winning composer A. R. Rahman and film-director Shekhar Kapur. The financial transactions involved in the deal, according to reports, stand at INR 27 crore ($5.47 million).
Qyuki, which was set up last year, is basically creative social media platform aimed at providing users a shared platform to indulge in co-creation of creative content.
"Qyuki will not be as inert as Facebook or as passive as You-Tube. We want to shepherd people's creativity to create new films and score music collaboratively," Mr. Kapur, the co-founder of Qyuki, explained, reports The Economic Times.
"We have created an open platform where people can come in and fasten themselves on the technology trunk," he added.
Meanwhile, Cisco is planning to invest up to INR 300 crore ($60 million) per year in the Indian start-up ecosystem starting from 2012.