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Bangalore-based online photography company Canvera Digital Technologies has raised $6.5 million (Rs. 35 crore) in Series B round of funding from Info Edge.
According to VCCircle, with this round of funding, Canvera has raised a total of approximately $13 million (Rs 70 crore) till date. The company had earlier raised funding from Footprint Ventures, DFJ and Mumbai Angels. While the previous VC investors have stayed put, some of the angel investors have exited in the current round, which had a mix of fresh issue of securities and secondary component.
K Law advised Canvera with a team led by Partner Shwetambari Rao along with Senior Associate Abhinav Singh.
J. Sagar Associates advised Info Edge with a team led by Partner Rohitashwa Prasad along with Senior Associate Abhishek Shinde.
Indus Law advised the existing investors with a team led by Partner Suneeth Katarki along with Associate Sumit Gandhi.
Canvera is engaged in the business of providing online software, IT enabled services and products such as printed photobooks, calendars and prints for photographers.
The funds will be primarily used for expanding sales and marketing operations of the Company and for building various hosted solutions for photographers.
Info Edge India Limited runs consumer internet portals including Naukri.com, among others, and is also an investor in various other digital media entities in India.