Online photography startup Canvera Digital Technologies Pvt Ltd. has raised a fresh round of funding from its existing investor Info Edge (India), which runs a slew of consumer Internet portals, including Naukri.com. According to latest reports, Info Edge has invested Rs. 13.5 crore ($2.21 million) more in Canvera. The investment was done through optionally convertible cumulative redeemable preference shares.
In fact in this round Canvera has raised Rs. 15 crore in funding, of which the remaining Rs. 1.5 crore was invested by a few unnamed investors.
With this fresh round of investment, Info Edge’s total exposure to Canvera has risen to Rs. 57 crore and it holds around 32 percent stake in Canvera (on a fully diluted and converted basis), up from around 27 percent as of February 2014 this year.
Founded by Dhiraj Kacker and Peeyush Rai in 2008 as a web-enabled photobook company, Canvera has raised a total of approximately Rs. 88 crore to date. Last month Info Edge had bought Rs 1.5 crore ($239,385) worth of shares from a few unnamed angel investors, providing them with an exit.
Last year during the month of December, Info Edge (India) had invested Rs. 4.5 crore ($724,275) in Canvera and another $6.5 million (Rs 35 crore) in August, 2012. Before that, it had raised funding from Footprint Ventures, DFJ and Mumbai Angels.
Headquartered in Bangalore, Canvera is engaged in the business of providing solutions to professional photographers via its website Canvera.com. It prints photo books, provides design services and also offers hosted software solutions for photographers (the SaaS model). The company has a presence in Chandigarh, Delhi, Kolkata, Chennai, Hyderabad, Ahmedabad and Mumbai.
However, there has been no word from Canvera on how is it planning to use the fresh round of funds.