Blume Ventures-backed retail print chain Printo Document Services Pvt. Ltd said on Tuesday it has acquired online custom printing marketplace Inkmonk.
Inkmonk founders Isaac Wesley and Surya Sankar will join Printo’s management as part of the deal, the buyer said in a statement. It did not reveal the financial details of the acquisition.
Wesley said that Inkmonk, operated by Imprimatur Printing Services Pvt. Ltd, would continue its online business while Printo would keep servicing enterprise customers and the quick-service market. “Our vision is to build India’s largest print company,” he said.
Separately, Printo chief executive officer Balu Iyer said the acquisition would help the company exploit Inkmonk’s online presence. “This strategic acquisition enables Printo to offer a seamless, omni-channel experience to our customers,” Iyer added.
Printo said the acquisition makes it India’s largest digital printing service provider. Founded in 2006 by Lalana Zaveri and Manish Sharma, Printo has 33 stores and three regional hubs across six cities in the country.
This is at least the fourth acquisition by Printo, which was previously backed by Sequoia Capital.
It had bought Lifeblob, a social photo-sharing startup backed by early-stage venture capital fund SeedFund, in 2010.
In 2017, Printo acquired Delhi-based The Print Bazaar in an all-stock deal.
Last year, it took a majority stake in online photography and printing firm Canvera from Info Edge (India) Ltd, the parent of jobs portal Naukri, in return for a minority stake.
Inkmonk was founded in March 2014. It provides an online platform that lists printers who specialise in promotional products such as button badges, full coloured mugs, stickers and t-shirts. In 2015, the company raised $250,000 in angel funding through equity crowd funding platform LetsVenture, in a round led by Freshdesk founder Girish Mathrubootham.
