Headquartered in Bengaluru, Printo caters to both business customers and individuals. Unlike the traditional “mom and pop” shops, Printo's customers can order via a mobile app or the website and pick up at a store the same day or have it delivered to their office / home.
Balu Iyer, CEO of Printo said, “We believe consolidation gives us a competitive advantage and we can collectively grow faster. When I joined Printo, my ambition was to make this a national brand, which served customers across most metros. With the Print Bazaar acquisition we have not only fulfilled this goal, but also created a platform that will help us penetrate deeper into the north India market”.
While the financial terms of the Print Bazaar acquisition, completed last month, were not shared, sources privy to the developments said the deal valued Print Bazaar at Rs 8-10 crores. Printo is also expected to infuse cash into the newly-combined entity located in the NCR region, post the closure of the deal.
The deal marks the second buyout for Printo, which had acquired Bengaluru-based Lifeblob.com, a social photo service firm in 2010, for $2-5 million.
“The acquisition helps us achieve economy of scale and be part of a platform that serves customers at a pan India level. It will help us learn from each other’s experience and grow in larger geographies. Large corporates want a single supplier. National presence will help us cater to the needs of both SME’s and these large corporates”, shared Sanjeev Malhotra, Founder & CEO, Alia Group. A serial entrepreneur, Print Bazaar marks his fourth successful exit. Previously his companies have been acquired by Future Group, an IT major and a large French International conglomerate.
As PrintWeek India has reported in the past, Printo was founded in 2005. The firm offered a range of print services from internal signage to visiting cards. The company was backed by Sequoia Capital, which led funding with Rs 16 crore in 2007. The founder Manish Sharma, who had founded Printo with his wife Lalana Zaveri, bought back stake in 2009. While Sharma moved on as the chairman of the board of directors, so as to ensure expansion in other metro cities, Balu Iyer was appointed CEO in 2017.
(Please look out for Noel D'cunha's Sunday Column on 10 September. A tete a tete with Manish Sharma)
Competition at a glance
Canvera raised Rs 20-crore in 2016, which gave Info Edge a majority stake at 57%
Printland received an undisclosed amount of funding in 2015 from SIDBI
ZoomIn bought US-based Photojojo, and received an investment in 2014 of Rs 50-Crore