Online Photography Startup Canvera Raises $3 Mn
Canvera, Revolutionizing Photography !
Founded in 2007 by Peeyush Rai and Dhiraj Kacker, Bengaluru-based online digital photography startup Canvera Digital Technologies Pvt. Ltd. raises $3 million (INR 20 crore) in a recently conducted funding round, which was led by existing investor Info Edge (India), after it became one of the first startups to report a ‘down round’. This denotes a fresh funding by a startup at a lower evaluation than its previous VC round. The other investors remain undisclosed.
Info Edge runs a slew of consumer Internet properties such as Naukri, 99acres, Jeevansathi, and Shiksha. It has invested $2.6 Million (INR 17.3 crore) in Canvera. With this, Info Edge’s stake in Canvera has now risen to 57% from 49%. Currently, Canvera’s valuation is $32, Million, after the inclusion of the recently raised funds. However, it is still below its peak valuation.
The startup offer prints, calendars, and photo books while letting customers find professional photographers for events and occasions. It is a web-enabled photo-book company that practices software-as-a-service model. Headquartered in Bengaluru, the company has regional offices in Chandigarh, Delhi, Kolkata, Chennai, Hyderabad, Ahmedabad, and Mumbai.
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