Bengaluru-based online photography startup, Canvera Digital Technologies, has raised $3 Mn (INR 20 Cr) in a new funding round. Info Edge (India) Ltd led the round, pouring in $2.3 Mn funds while the remaining $0.5 Mn was added by existing and undisclosed investors, Info Edge informed BSE.
With this investment, Info Edge now owns 57% stake in the company, an 8% rise from its existing 47% with a total (disclosed) investment of $12.68 Mn to date, including the current round. As per Info Edge’s FY 2015-16 report, the company has “transferred its entire shareholding of Canvera Digital Technologies Private Limited to its subsidiary Smartweb Internet Services Limited”.
As per the stock market filing, the current investment was made at a valuation of $32.2 Mn (INR 216.25 Cr). This is a significant increase from the $11.1 valuation (INR 75 Cr) evaluated in December last year when it raised $2.2 Mn (INR 15 Cr). However, this is still less than $37.2 Mn valuation, it got in October 2014 as it raised $1.5 Mn (INR 10 Cr).
The raised funds will be utilised in product development and ramping up its services across India.
Canvera was launched in 2007 by Dhiraj Kacker and Peeyush Rai as a web-enabled photo-book company. The founders later entered in associated ecommerce in 2011.
Basically, it is an online photography company primarily focussed on the needs of professional photographers. The portal helps photographers to tightly integrate lead generation, web hosting, ecommerce, online collaboration, print and design services.
It has regional offices in Chandigarh, Delhi, Kolkata, Chennai, Hyderabad, Ahmedabad, and Mumbai. It claims to have 17,500 photographers across 1100 cities registered on its platform. In 2008, it also raised an undisclosed amount of funding in Series A round from Footprint Ventures, Draper Fisher Jurvetson, Mumbai Angels and two angel investors from the UK.
Reportedly, both its founders have already parted ways from the company and are now engaged in different verticals. While Dhiraj has an independent consultancy firm, Peeyush joined a data security startup Vera as GM. Canvera is now led by Ranjit Yadav, who was appointed the CEO of the company in June 2015.