Printo acquires Inkmonk
After having acquired photo album specialist Canvera earlier this year, Bengaluru-based print retail chain, Printo has announced acquisition of Inkmonk, a Chennai-based online marketplace for custom print products.
29 May 2019 | By Rushikesh Aravkar & Rushikesh Aravkar
The Inkmonk.com acquisition, combined with Printo’s other online brands Printo.in and Canvera.com makes Printo India's largest online printing services destination, the company said in a statement.
Printo co-founder and chairman, Manish Sharma, said “This is an exciting time for Printo as we keep building for profitable growth. In Isaac and Surya (the co-founders of Inkmonk) 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 was co-founded by Isaac Wesley and Surya Sankar in 2014, who will join the Printo management. Inkmonk had raised over USD 1mn from marquee investors like Girish Mathrubootham, founder, Freshworks; Phanindra Sama, founder, Redbus and Japan-based online print giant Raksul. Inkmonk.com focuses on small businesses which need printing of visiting cards, flyers, custom packaging, t-shirts, labels and stickers.
Printo works through eCommerce and offline channels and has 33 printing stores across six cities. The firm was started in Bengaluru in 2006 by Lalana Zaveri and Manish Sharma. Sequoia Capital was an early investor in Printo before its stake was bought out by the founders and Blume Ventures in 2012.
"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 Printo.in. 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." said Balu Iyer, CEO of Printo
“The Printo brand serves the premium, quick-service market and large enterprise customers, while Inkmonk will continue focusing on the online, value market,” said Wesley of Inkmonk.
Isaac Wesley (l) and Surya Sankar, co-founders of Inkmonk