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Info Edge invests over $700K more in online photography startup Canvera, values firm around $54M

20 December, 2013

Info Edge (India), which runs a slew of consumer Internet portals including Naukri.com, has infused Rs 4.5 crore ($724,275) more in online photography startup Canvera Digital Technologies Pvt Ltd.

The investment was done through optionally convertible cumulative redeemable preference shares. With the fresh investment, Info Edge’s total exposure to Canvera has risen to Rs 42 crore and it holds around 26 per cent per cent stake in Canvera (on a fully diluted and converted basis), the company disclosed on Friday.

Originally, Info Edge had picked 23 per cent effective stake for Rs 35.4 crore, which would have put a valuation of around Rs 150 crore on Canvera. Early this year it hiked its stake to 25 per cent and its total exposure rose to Rs 37.5 crore.

The latest funding values Canvera around Rs 337.5 crore or $54.5 million, as per Techcircle.in/VCCircle estimates given the equity dilution.

At this valuation, Info Edge’s stake is valued around Rs 88 crore or over twice its investment to date, within a year.

We have dropped email queries to Canvera chief and Info Edge spokesperson for clarification on the valuation and will update the story if we get more details.

With this round of funding, Canvera has raised a total of approximately Rs 74.5 crore to date. Prior to this round, the company had raised $6.5 million in Series B round of funding from Info Edge in Aug 2012. Before that, it had raised funding from Footprint Ventures, DFJ and Mumbai Angels.

Founded by Dhiraj Kacker and Peeyush Rai in 2008 as a web-enabled photobook company, Canvera forayed into associated e-commerce in March 2011. The company is engaged in the business of providing solutions to professional photographers via its website Canvera.com. It prints photo books, provides design services and also offers hosted software solutions for photographers (the SaaS model).

Headquartered in Bangalore, the company also has regional offices in seven cities across the country – in Chandigarh, Delhi, Kolkata, Chennai, Hyderabad, Ahmedabad and Mumbai.

Other Info Edge investments in 2013

Earlier this month, Info Edge invested Rs 10 crore ($1.6 million) more in Applect Learning Systems, which runs an online education and assessment venture through Meritnation. With the fresh investment, Info Edge’s total exposure to Applect has risen to Rs 71.5 crore and it holds around 55.81 per cent stake in Applect (on a fully diluted and converted basis).

Prior to that, Gurgaon-based Zomato Media Pvt Ltd (formerly DC Foodiebay Online Services Pvt Ltd), which owns the popular restaurant and event-listing and review site Zomato, had raised a Rs 227.6 crore ($37 million) investment round led by Sequoia Capital. Existing investor and majority shareholder, Info Edge also participated in the round. Zomato was valued at around Rs 1,000 crore in that round.

(Edited by Joby Puthuparampil Johnson)


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Info Edge invests over $700K more in online photography startup Canvera, values firm around $54M

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