Bengaluru-based printing retail startup Printo has reportedly acquired Delhi-based rival Print Retail India in an all-stock deal. Print Retail India owns and operates The Print Bazaar. Post-acquisition, The Print Bazaar brand will be discontinued.
Talking about the acquisition, Balu Iyer, CEO at Printo said, “We believe consolidation gives us a competitive advantage and we can collectively grow faster…With The Print Bazaar acquisition, we have not only fulfilled this goal but also created a platform that will help us penetrate deeper into the North India market.”
The financial details of the deal are undisclosed. However, post-acquisition Printo will invest about $1.5 Mn (INR 10 Cr) to grow its footprint in NCR and at national level aggressively.
Manish Sharma, co-founder and Chairman, Printo said, “In all emerging markets, print and retail print is growing at double digits. This is a consumption-led industry and with increasing consumerism, quick service print is booming. At Printo, we believe big growth lies in creating a platform that combines retail instant gratification with omnichannel access for customers.”
Founded in 2005, Printo Document Services is a retail chain that offers print and document services. It provides products customised visiting cards printing, brochures printing, business cards printing, personalised greeting cards, marketing collaterals, gift products, etc. It is backed by Blume Ventures. Printo currently has 30 stores and three regional hubs spread across six cities. It delivers across India, including major cities like Bengaluru, New Delhi, Mumbai, Hyderabad, Noida and Gurugram.
On the other hand, The Print Bazaar operates two stores in the Delhi-NCR region. It is run by Alia Group. Talking about the acquisition, Sanjeev Malhotra, CEO at Alia Group said, “The acquisition helps us achieve economy of scale and be part of a platform that serves customers at a pan-India level. Large corporates want a single supplier. A national presence will help us cater to the needs of both SMEs and these large corporates.” Following the acquisition, Malhotra will join the Printo advisory board.
In August 2017, Chennai-based Inkmonk, an online printing marketplace for customised products raised $750K in a Seed funding round. The investment was led by VAMM Ventures, which invests in seed and early-stage startups, and is headquartered in Dubai, United Arab Emirates. Other players in the online print industry include Canvaschamp, which recently entered the Indian market, and Printvenue, etc.
With the acquisition of The Print Bazaar, Printo will look to strengthen its reach in the online printing market in Delhi-NCR.