Bangalore-based online photo printing company Picsquare is going offline. The company has received undisclosed investment from city-based Bhola Digital Lab, an offline photo printing company. Picsquare is a customer of Bhola Digital Labs, which has been using its printing services. With the present investment, it will have both online and offline presence. Picsquare had secured $75,000 seed funding in 2006 via the TiE-EAP program.
The capital raised in this round of funding will primarily be used in deploying latest technologies in design and printing, expanding product portfolio, market reach, business partnership and new market & business opportunities. Picsquare, founded by IIT- Bombay alumnus in 2005, claims to have attracted over 1.5 lakhs users with a very high customer loyalty.
This space has received attention from venture capital funds. One of the oldest photo portals is ZoomIn, which is backed by Kleiner Perkins Caufield Byers and Sherpalo Ventures. Then there is also Printo, which has received funding from Sequoia Capital and Seed Fund. Another portal is Banglore-based Canvera, which raised Series A funding in May this year from Footprint Ventures, and joined by Draper Fisher Jurvetson, Mumbai Angels and a couple angels from the UK. This space has also seen some M&A activity, as Snapfish.com, a Hewlett & Packard-owned online photo printing site, acquired an Indian online photo printing website MeraSnap.com.
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