Info Edge (India) Ltd, which owns and operates internet properties such as Naukri, Shiksha, 99acres and Jeevansathi, among others, has pumped in $1.35 million to increase stake in Bengaluru-based online photography firm Canvera Digital Technologies.
The investment comes one year after Canvera raised Rs 20 crore in a round led by Info Edge and other existing investors including Footprint Ventures.
According to the stock-exchange filing, Info Edge now owns 62.2% stake in Canvera from 57% by subscribing to 777, 419 preferential shares at Rs 111.48 a piece. With the current financial support, the total (disclosed) investment in the company is about $14 million till date. The Filing also states that the investee company is a step-down subsidiary of Canvera and this makes it ‘a related party.’
Founded in 2007 by Dhiraj Kacker and Peeyush Rai as a web-enabled photo-book company, Canvera helps photographers to tightly integrate lead generation, web hosting, ecommerce, online collaboration, print and design services. For the users, the portal allows to search and hire professional photographers based on location and occasions including wedding, babies, fashion, corporate events, travel and nature. The platform also offers photo printing solutions like photo books and coffee table books besides the ability for users to privately or publicly host their photo albums.
Interestingly, both the co-founder has already quit the company. They are indulged with some other verticals. Kacker is with Amazon, overseeing its photography vertical, while Rai is the vice-president of engineering at San Francisco-based enterprise security firm Vera.
Canvera has regional offices in seven cities across the country – in Chandigarh, Delhi, Kolkata, Chennai, Hyderabad, Ahmedabad and Mumbai.
With this financial boost, Canvera will expand its offerings and compete with other startups such as Printo as well as Zoomin and Flatpebble.