Info Edge infuses over $2M more into Canvera, Happily Unmarried
Info Edge (India) Ltd, which runs a slew of consumer internet properties such as Naukri, 99acres, Jeevansathi and Shiksha, has infused Rs 10 crore ($1.64 million) more into Bangalore-based online photography startup Canvera Digital Technologies Pvt Ltd.
The investment was done through optionally convertible cumulative redeemable preference shares, the company said in a stock market filing.
The investment is part of Info Edge's strategy to back early stage tech ventures. It has previously also backed firms like Zomato and Meritnation.
Early this year, Info Edge had put in Rs 13.5 crore into Canvera. With the fresh investment, Info Edge's total exposure to Canvera has risen to Rs 67 crore and it holds around 36 per cent per cent stake in Canvera (on a fully diluted and converted basis), up from around 32 per cent as of March 2014.
Previously, Info Edge had bought Rs 1.5 crore ($239,385) worth of shares of Canvera from a few unnamed angel investors, providing them with an exit. Earlier, it had infused Rs 4.5 crore into Canvera. That investment was done through optionally convertible cumulative redeemable preference shares.
Canvera has raised over Rs 98 crore to date. The company had earlier raised $6.5 million in its Series B round of funding from Info Edge in August 2012. Before that, it had raised funding from Footprint Ventures, DFJ and Mumbai Angels.
Founded by Dhiraj Kacker and Peeyush Rai in 2008 as a web-enabled photo-book company, Canvera forayed into associated e-commerce in March 2011. It is 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 (through a SaaS model).
Headquartered in Bangalore, the company has regional offices in seven cities—Chandigarh, Delhi, Kolkata, Chennai, Hyderabad, Ahmedabad and Mumbai.
Info Edge has also announced it has put an additional Rs 4 crore ($0.65 million) in Delhi-based Happily Unmarried Marketing Pvt Ltd, the company behind HappilyUnmarried.com, an online retail platform for quirky and funky products. This investment was also done through optionally convertible cumulative redeemable preference shares.
With this infusion of the fund, Info Edge's total investment in Happily Unmarried is Rs 9.4 crore and it holds about 34 per cent stake in the firm on a fully converted and diluted basis.
Info Edge had earlier invested Rs 5 crore in Happily Unmarried in November 2012. The investment was made through optionally convertible cumulative redeemable preference shares for about 25 per cent stake, on a fully diluted and converted basis.
Established in 2003 by Rahul Anand and Rajat Tuli -- both alumni of Mudra Institute of Communications (MICA), Ahmedabad -- Happily Unmarried designs and sells fun products through a hybrid model of offline and online retail. The company also organises music festivals and works with corporate houses for projects involving branding, communication, interiors and marketing â€“ all rolled into one. The products featured on the company's website include ashtrays, bags, beer glasses, cards & posters, cushions, glasses, key chains, tee shirts and wall clocks.
(Edited by Joby Puthuparampil Johnson)