Info Edge has pumped in Rs 8.6 crore in its step down subsidiary company Canvera Digital Technologies, a Bengaluru-based online photography firm. Info Edge also runs internet properties such as Naukri, Shiksha, 99acres and Jeevansathi, among others.
With this investment, Info Edge, which is an existing investor, now owns over 62 per cent stake in Canvera on a fully converted & diluted basis, a 5 per cent rise from its earlier 57 per cent stake. The total (disclosed) investment in the company is about $14 million till date, including the current round, reports ET.
In August 2016, it had raised Rs 20 crore in Series B funding led by Info Edge with participation from existing investors like Footprint Ventures and undisclosed new investors. Prior to that Info Edge had invested Rs 15 crore into Bengaluru-based company.
Incorporated in 2007 by Dhiraj Kacker and Peeyush Rai, Canvera allows users to search and hire professional photographers based on location and occasions including wedding, babies, fashion, corporate events, travel and nature.
Canvera has regional offices in seven cities across the country – in Chandigarh, Delhi, Kolkata, Chennai, Hyderabad, Ahmedabad and Mumbai.
It also allows offers photo printing solutions like photo books and coffee table books besides the ability for users to privately or publicly host their photo albums.
Besides Canvera , Noida-based Info Edge has already invested in a slew of start-ups including food tech Zomato, coupons site Mydala, online insurance policy aggregator PolicyBazaar, e-learning firm Meritnation, and on-demand beauty service provider BigStylist.
Canvera competes with Printo, Zoomin.com and Flatpebble. Other players, such as Fokal, an online platform where customers can hire professional photographers as per their needs; Snapita, a startup specialize in printing premium quality pictures; and WedMeGood are also active in the online photography ecosystem.