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Info Edge invests Rs 13.5 Crore in Canvera to increase its stake to 32%

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Canvera Digital Technologies which owns and operates the online photography service Canvera.com has raised Rs 13.5 crore investment from Info Edge (India) through optionally convertible cumulative redeemable preference shares as per a BSE filing. We are awaiting Canvera’s response for more details on where it plans to use this investment.

With this investment, Info Edge has invested a total Rs 57 crore in the company, which includes a Rs 4.5 crore investment in January this year and a Rs 35 crore investment round in August 2012. Last month, Info Edge had also invested an additional Rs 1.5 crore to give an exit to some angel investors of Canvera. In 2008, Canvera had raised an undisclosed amount of Series A funding led by Footprint Ventures, Draper Fisher Jurvetson, Mumbai Angels and two angel investors from the UK.

Info Edge Stake: Info Edge currently owns 32% in Canvera “on a fully converted and diluted basis” up from 27% last month, which translates a valuation of Rs 270 crore for the company post this investment.

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

Canvera competes with Printo which has investors like Sequoia Capital, Seed Fund and Blume Ventures, Zoomin.com which had raised around Rs 8 crore in venture debt funding from SVB India Finance in January 2013 and Flatpebble which had raised an undisclosed amount of investment from a series of angel investors in December.

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