Info Edge invests Rs 8.6 crore in Canvera, increases stake to 62%

Online classifieds company Info Edge has invested Rs 8.6 crore or a little over $1.3 million in online photography firm Canvera Digital Technologies through its wholly owned subsidiary. Bengaluru-based Canvera, which had a turnover of Rs 4.9 lakh as of March 2017, is a step down subsidiary of the company.

The infusion is a follow-up investment round in Canvera, which provides digital printing solutions including design services, usage of internet and software relating to photobooks, calendars and prints.

Started in late 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.

With this investment, Info Edge now owns over 62% stake in Canvera on a fully converted & diluted basis, a 5% rise from its earlier 57% stake. The total (disclosed) investment in the company is about $14 million till date, including the current round.

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.