Startups Money

Info Edge invests $2.2M more in online photography firm Canvera

24 Dec, 2015

canvera_ledInfo Edge (India) Ltd, which runs a slew of consumer internet properties such as Naukri, 99acres, Jeevansathi and Shiksha, has invested Rs 15 crore ($2.2 million) more into Bangalore-based online photography startup Canvera Digital Technologies Pvt Ltd.

The latest round takes Info Edge's total investment in the company to Rs 90.1 crore. The e-commerce firm now owns a 49 per cent stake in the startup, Info Edge said in a stock exchange filing.

Info Edge said the latest investment was made at Canvera's pre-money valuation of about Rs 75 crore, indicating that the startup's valuation is not increasing.

In October 2014, Info Edge had infused Rs 10 crore ($1.64 million) in Canvera. And in March last year, Info Edge had put in Rs 13.5 crore into the startup.

Founded by Dhiraj Kacker and Peeyush Rai in 2008 as a web-enabled photo-book company, Canvera entered associated e-commerce in March 2011. It provides 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 software-as-a-service model.

Headquartered in Bangalore, the company has regional offices in Chandigarh, Delhi, Kolkata, Chennai, Hyderabad, Ahmedabad and Mumbai.

Info Edge has earlier funded several startups such as Zomato, Policybazaar and MyDala.

Beauty-services marketplace BigStylist had recently raised $1 million in pre-Series A funding from Info Edge (India) Ltd.

In May 2015, it had invested Rs 25 crore ($4 million) more in Applect Learning Systems Pvt Ltd, which operates the online education and assessment venture Meritnation.