Info Edge invests more than $700,000 into Bangalore-based online photography startup Canvera Digital Technologies

By VCPOST Staff Reporter

Dec 20, 2013 01:46 PM EST

Info Edge (India) Ltd, a company that runs several consumer Internet portals, has invested in online photography startup Canvera Digital Technologies Pvt Ltd. The investment is valued at INR4.5 crore ($724,275), according to Tech Circle.

The said investment was done through optionally convertible cumulative redeemable preference shares. Info Edge said on Friday that it currently holds a 26% stake in the photography firm on a fully diluted and converted basis, the report said.

The latest round values Canvera at around INR337.5 crore ($54.4 million), given the equity dilution. The new investment brings Canvera's total funding to approximately INR74.5 crore to date, the report detailed.

Founded in 2008 by Peeyush Rai and Dhiraj Kacker, Canvera started as a web-enabled photobook firm. The company prints photos, offers hosted software solutions, and provides design services for professional photographers via its website Canvera.com. The startup is presently based in Bangalore, India. Canvera also has regional offices in Chandigarh, Kolkata, Hyderabad, Mumbai, Delhi, Chennai, and Ahmedabad, Tech Circle reported.

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