Info Edge* has invested Rs 10 crore in Canvera Digital Technologies that owns and operates the online photography service Canvera.com through optionally convertible cumulative redeemable preference shares, the company has informed BSE. It’s currently not clear how Canvera plans to use the investment raised.
This is Info Edge’s fourth investment in Canvera this year: Earlier in January this year, it had invested Rs 4.5 crore and followed it up with an additional investment of Rs 1.5 crore to give an exit to some of Canvera’s angel investors in February . In the following month, it had invested an additional Rs 13.5 crore in Canvera.
With this investment, Info Edge has invested a total Rs 67.1 crore into Canvera and owns 36% stake “on a fully converted and diluted basis” up from 32% in March this year. Note that 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, way back in 2008.
Canvera offers customized printing solutions like photo books, photo albums, posters, photo prints and calendars among others. It also allows users to host their photo albums privately or publicly on the site. In addition, it allows users to search and contact professional photographers based on city, state and occasion (engagement, anniversary, wedding, babies, conference photography, photo shoots and others).
Apart from 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).
Info Edge invests Rs 4 crore in Happily Unmarried
It has also invested Rs 4 crore in the online-offline commerce venture Happily Unmarried Marketing Private Limited through optionally convertible cumulative redeemable preference shares. It had previously invested Rs 5 crore into Happily Unmarried in November 2012.
Post this investment, Info Edge has invested Rs 9.4 crore in Happily Unmarried, and owns 34% stake “on a fully converted and diluted basis”.
Setup in 2003, Happily Unmarried designs and sells fun & quirky merchandise with India-centric designs. It currently offers products like t-shirts, mobile phone cases, bar accessories, bags, travel accessories, stationary products and office accessories among others.
These products are sold through Happily Unmarried’s online store and a chain of offline stores in New Delhi, Mumbai and Chandigarh. Happily Unmarried also retails these products through various multi-brand outlets across 18 states including Maharashtra, Karnataka, Gujarat, Rajasthan and Tamil Nadu among others.
Seedfund-backed Chumbak is another company with similar offerings. It had secured an undisclosed amount of investment from Matrix Partners India and Seedfund in May this year and was planning to use the investment raised to launch new product categories and expand its offline footprint.
*Disclosure: Info Edge is an advertiser with MediaNama