India-based e-classifieds company Info Edge has invested $6.5m in Bangalore-based photography firm Canvera Digital Technologies.
The series B round saw Info Edge, as the sole investor, double Canvera’s total capital raised to approximately $13m.
After the latest round some individual angels opted to cash out, but Canvera’s early investors, venture capital firms Footprint Ventures, DFJ, and Mumbai Angels have remained onboard.
Canvera has branches in 7 major Indian cities as well as a strong online presence. The company manufactures bespoke photobooks, calendars, and runs a print and website design service.
According to Canvera the funds will be used to expand sales and marketing operations in addition to developing various online hosting solutions for photographers.
While revenue has increased by 50% to $37.7m compared to last year Canvera has yet to turn a profit, however an interview with vccircle, Canvera co-fonder Dhiraj Kacker asserts that his company has to potential to be profitable by 2013 or 2014.
In a statement addressing Info Edge’s involvement Dhiraj Kacker said: “With Info Edge investing in us, we would get an access to their senior management. So whenever we face any kind of operational challenge, we will sail through by taking their help.”
Info Edge is listed on the Bombay Stock Exchange. It owns and operates the popular web portal Naukuri.com an award job search engine which won the Internet & Mobile Association of India’s “Best Classified Site” award this year.