Bangalore based Printo, a company which offers customized printing solutions has acquired Chennai based Inkmonk, one of the largest print marketplaces for customized merchandise for an undisclosed sum. Isaac Wesley and Surya Sankar, the founders of Inkmonk are set to join the board of Inkmonk as part of the acquisition.
Isaac John Wesley and Surya Sankar started the firm in 2013. The company had raised around $1.3 million in funding from investors. VAMM Ventures, Raksul, Girish, Freshworks founder Girish Mathrubootham, redBus founder Phanindra Sama, LetsVenture and Vikram Chachra were the backers of the firm through Angel and Seed financing.
Balu Iyer, the CEO of Printo, the company which was started in 2006 commenting on the deal said, “Printo has a strong retail presence in multiple cities and we are witnessing a strong demand for print-and-pick-up through our online platform. Inkmonk's strong consumer and digital marketing understanding and technology expertise will help harness this demand. This strategic acquisition enables Printo to offer a seamless, omnichannel experience to our customers.”
Notably, Printo had raised funds from marquee backers like Sequoia Capital, InfoEge and Blume Ventures. The firm has 33 stores and three regional hubs across six Indian cities. Among its offerings, business cards, brochures, custom t-shirts, corporate gifting, and signage are the most famous ones.
Isaac, the Inkmonk founder talking of the deal said, "Our vision is to build India’s largest printing company, with an umbrella of consumer and business brands that cover the spectrum of the mass-customized market. The Printo brand serves the premium, quick-service market, and large enterprise customers, while Inkmonk will continue focussing on the online, value market.”
Image Courtesy : startupbuzz, InkMonk