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Info Edge Stake In Canvera Up To 27%; Spends Rs 1.5 Cr To Give Some Angel Investors An Exit

Canvera Logo

BSE listed Info Edge (India) Ltd has increased its stake in Canvera Digital Technologies Private Limited, giving some angel investors an exit for a total amount of Rs 1.5 crores. In 2008, Canvera had also raised an undisclosed amount of Series A funding led by Footprint Ventures, Draper Fisher Jurvetson, Mumbai Angels and two angel investors from the UK.

Post this investment, Info Edge has invested Rs 43.5 crore in Canvera, and currently owns 27% in the company “on a fully converted and diluted basis”. Canvera provides solutions to professional photographers, and owns and operates the website. This investment is a follow on from an investment earlier this month of Rs 4.5 crore, after which it had 26% stake. As of March last year, it held 23% in the company.

Bangalore-based Canvera offers products like photo books, photo albums, posters, photo prints and calendars among others. It also allows users to search and contact professional photographers based on city, state and occasion (engagement, anniversary, wedding, babies, conference photography, photo shoots and others). Besides this, it provides various solutions to professional photographers to showcase their photo portfolio. This includes image hosting, personalized website with themes & analytics, e-commerce integration, and social sharing among others. It offers this service through three different plans starting at Rs 3,000 per month (10GB storage), going up to Rs 9,000 per month (25GB storage) and Rs 12,500 per month (50 GB storage).

Competitors

Hyderabad-based online photography service Flatpebble had raised an undisclosed amount of investment from a series of angel investors in December. Online photo printing startup Zoomin.com had also raised around Rs 8 crore in venture debt funding from SVB India Finance in January 2013. Other players in this space include Printo which has investors like Sequoia Capital, Seed Fund and Blume Ventures.

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Info Edge Investments

– Meritnation: invested Rs 10 crore, and has 55.81% stake. Read more
– Zomato: Rs 57 crore in November 2013, before which it invested Rs 55 crore in February 2013. Has 50.1% stake. More here and here
– Policybazaar: Invested Rs 2.5 crore in April 2013 (a total investment of Rs 32.5 crore). Has 32% stake.
– 99 Labels: wrote off Rs 29.3 crore invested. More here
– Nogle: wrote off Rs 2.6 crore invested. More here

Other investments include Happily Unmarried and MyDala.

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