In its latest acquisition, Blume Ventures-backed retail print chain Printo Document Services Pvt. Ltd said it has acquired Chennai-based online custom printing marketplace Inkmonk, which had got financial support from Freshworks founder.
As part of the deal, Inkmonk co-founders Isaac John Wesley and Surya Sankar will join Bengaluru-based Printo. The value of the deal was not disclosed.
Printo had previously acquired Delhi-based printing solutions company The Print Bazaar in 2017 and bought Lifeblob, a social photo-sharing startup, in 2011.
In 2018, Info Edge (India) Ltd, the parent company of job portal Naukri and other platforms, invested Rs 20 crore ($2.9 million) in Printo for a stake of 23.5%. It also decided to transfer its entire 70.47% stake in online photography and printing firm Canvera to Printo.
“Printo has a strong retail presence in multiple cities and we are witnessing a strong demand for print-and-pickup through our online platform Printo.in. Inkmonk's strong consumer and digital marketing understanding and technology expertise will help harness this demand,” said Balu S Iyer, chief executive of Printo. “This strategic acquisition enables Printo to offer a seamless, omnichannel experience to our customers,” added Iyer.
“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 Wesley said.
Founded in 2013, Inkmonk focuses on small businesses, catering to their printing requirements of visiting cards, flyers, custom packaging, T-shirts, labels and stickers. The platform lists printers that specialise in promotional products such as button badges, full-coloured mugs, stickers and T-shirts.
Owned and operated by operated by Imprimatur Printing Services Pvt. Ltd, Inkmonk is backed by investors including Girish Mathrubootham, founder of Freshworks; Phanindra Sama, co-founder of RedBus; Eight Capital's co-founder Vikram Chachra and Japan-based Raksul, mainly engaged in the printing and transport businesses.
Founded in 2006 by Manish Sharma and wife Lalana Zaveri, Printo provides products such as business cards, reports, calendars, diaries, greetings, invitation cards and branding signages.
Printo was previously backed by Sequoia Capital, which had led a $4.46 million round in the company along with SeedFund in 2007, according to VCCEdge, the data research arm of Mosaic Digital. However, co-founder Sharma, along with Blume Ventures, bought out Sequoia’s stake.