Infoedge has acquired majority stake in Canvera, which produces printed wedding albums for professional photographers.
Canvera in total had raised Rs. 20 crores in funding, of which 17.3 crores came from Infoedge.
Key excerpts from Info Edge’s announcement
Info Edge transferred its entire shareholding of Canvera Digital Technologies Private Limited to its subsidiary Smartweb Internet Services Limited.
Smartweb Internet Services Ltd.,(SISL), is a company incorporated during the year to carry on the business of providing all kinds and types of internet services. SISL made investment in shares of Canvera Digital Technologies Pvt.Ltd.
Additionally, the Company transfered 532,216 preference shares and 34,711 equity shares in aforesaid Investee company to SISL at cost for a consideration of about ` 243.78 million.
SSL has invested an aggregate amount of Rs 901 million in Canvera for a 49% stake. The additional investments made by the Company during the year, were made through its wholly owned subsidiary viz. Smartweb Internet Services Ltd. Additionally, the Company transferred 532,216 preference shares and 34,711 equity shares in aforesaid Investee company to Smartweb Internet Services Ltd. for a consideration of about Rs 243.78 million. During the year an exceptional loss of Rs 463 million was booked on account of diminution in value.