Bengaluru-based printing retail startup Printo has acquired cutom online printing marketplace Inkmonk for an undisclosed amount.
Post-acquisition, Chennai-based Inkmonk’s founders Isaac Wesley and Surya Sankar will join the Printo management. Inkmonk will continue to grow as an independent brand. Inkmonk will now enable Printo to offer a seamless and omnichannel experience to its customers.
Printo was founded in 2006 by Lalana Zaveri and Manish Sharma. As a retail chain, Printo provides products customised visiting cards printing, brochures printing, business cards printing, personalised greeting cards, marketing collaterals, gift products, etc.
With 33 stores and three regional hubs spread across six cities, it uses a combination of brick and mortar and ecommerce. Printo also services large enterprise customers who needs printing in multiple locations. The company has last raised funds from Blume Ventures. It has previously acquired PrintBazaar and LifeBlob.
Synergies Between Inkmonk And Printo
Founded in 2014 by Isaac Wesley and Surya Sankar, Inkmonk enables small businesses for their printing needs of visiting cards, flyers, custom packaging, T-shirts, labels and stickers. The company has raised $1 Mn from Freshworks founder Girish Mathrubootham, Phanindra Sama, founder, Redbus and Japan-based online print giant Raksul among others.
Wesley said Inkmonk’s vision is to build India’s largest print company. “The Printo brand serves the premium, quick-service market and large enterprise customers, while Inkmonk will continue focusing on the online, value market.”
“Inkmonk’s strong consumer and digital marketing understanding and technology expertise will help harness this demand,” said Balu Iyer, CEO of Printo.
The $29 Bn print and customisation market of India is ripe for disruption with most businesses preferring convenience and ease of purchase in online platforms. It is said that around 5% of this market is already discovering print service providers over the internet with business value worth $1.4 Bn annually. Some of the players in the market are Zoomin etc.