Retail chain Printo acquires Chennai-based online print products marketplace Inkmonk
The print retail chain Printo has acquired Inkmonk, the custom print products online marketplace. With this acquisition, Printo is now poised to become the country's largest digital printing firm that prints everything from business cards to phone books. This is Printo's second acquisition this year after the Bengaluru-based retail chain acquired Canvera, the online photography company.
Inkmonk was co-founded by Isaac Wesley and Surya Sankar, in Chennai in 2014. Post this acquisition, the founders will join the Printo management. Inkmonk focusses on small businesses who need printing of visiting cards, flyers, custom packaging, t-shirts, labels and stickers.
Speaking of the acquisition, Balu Iyer, CEO of Printo, 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.”
Issac and Surya founders of Inkmonk
Printo was founded in in 2006 by Lalana Zaveri and Manish Sharma. It now has 33 stores and three regional hubs spread across six cities. The company offers print-related products like business cards, brochures, custom t-shirts, corporate gifting and signage. It also services large enterprise customers who needs printing in multiple locations.
Manish Sharma, Co-founder and Chairman, Printo, said,
“This is an exciting time for Printo as we keep building for profitable growth. In Isaac and Surya, we have found the rare combination of technocrats with ambition and humility, adding heft to Printo management. Just like Canvera, Inkmonk will continue to grow as an independent brand.”
Inkmonk had raised over $1million from investors like Girish Mathrubootham, Founder, Freshworks, Phanindra Sama, Founder, Redbus and Japan based online print giant - Raksul.
Speaking of the acquisition, Isaac said, “Our vision is to build India’s largest print company, with an umbrella of consumer and business brands that cover the spectrum of the mass-customised market. The Printo brand serves the premium, quick-service market and large enterprise customers, while Inkmonk will continue focussing on the online, value market.”