Online photography startup Canvera Digital Technologies Pvt Ltd. has raised a fresh round of funding. According to Techcircle, Info Edge (India) recently has invested Rs. 4.5 crore ($724,275) in Canvera. With the fresh round of investment Info Edge’s total exposure to Canvera has risen to Rs 42 crore and it holds around 26% stake in Canvera (on a fully diluted and converted basis.) The investment has been made by through optionally convertible cumulative redeemable preference shares.
Founded by Dhiraj Kacker and Peeyush Rai in 2008 as a web-enabled photobook company, Canvera has raised a total of approximately Rs 74.5 crore to date. Prior to this round, the company had raised $6.5 million in Series B round of funding from Info Edge in Aug 2012. Before that, it had raised funding from Footprint Ventures, DFJ and Mumbai Angels.
Subsequently, Info Edge earlier had picked 23% effective stake for Rs 35.4 crore, which would have put a valuation of around Rs 150 crore on Canvera. Early this year it hiked its stake to 25% and its total exposure rose to Rs 37.5 crore.
The company headquartered in Bangalore has regional offices in seven cities across the country – in Chandigarh, Delhi, Kolkata, Chennai, Hyderabad, Ahmedabad and Mumbai. The company 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).
Dhiraj, CEO and co-founder of Canvera considers Vivyo, the portal and e-store platform as a social product too. “Vivyo is a social and e-commerce platform for photographers where they can market and sell their photos and collaborate with buyers. It was launched a little over a year ago and is shaping up well. Money will also be used to strengthen this platform,” the CEO had said earlier to YS, while it had raised $6.5 million (Rs 35 crore) in Series B round of funding from Info Edge (India) in the month of August, 2012.
However, there has been no word from Canvera on how is it planning to use the fresh round of funds.