Canvera, an online photography service platform, has raised about ₹8.6 crore in its new round of funding from Info Edge. With this follow-up investment, Info Edge now owns more than 62 percent stake in the company on a fully converted and diluted basis.
Before this funding round, Info Edge owned around 57 percent stake in Canvera, which provides digital printing solutions such as design services, usage of internet and software relating to photobooks, calendars and prints.
Info Edge invested ₹35 crore in the company for 23 percent stake in 2012. Later, it invested ₹6 crores in January and ₹13.5 crore in March and ₹10 crore in October, in the year 2014. This was followed by an investment of ₹20 crore in 2015.
Prior to that, in 2008, the company had also raised an undisclosed amount of funding from Footprint Ventures, Draper Fisher Jurvetson, Mumbai Angels and two UK-based angel investors.
The Bangalore-based startup was founded in 2007 by Dhiraj Kacker and Peeyush Rai as a photography company. However, the company decided to change its business plan, and entered the eCommerce segment in 2011.
Canvera enables users to search and hire professional photographers based on location and occasions like wedding, babies, fashion, corporate events, travel and nature.
Using the platform, users can privately or publicly host their photo albums and provides photo printing solutions like photo books, coffee table books, etc.
The company, which is headquartered in Bangalore, has regional offices in Chennai, Hyderabad, Ahmedabad, Delhi & Chandigarh. It has launched iOS & Android mobile applications that help in securely sharing digital versions of photobook.
It has also launched a desktop client named Compose that allows users to submit pre-designed orders online and its online Preview software allows online collaboration of photo book design with the designer.
For professional photographers, the portal offers various options to showcase portfolio, generate relevant business leads and also setup online photo stores with e-commerce integration.