Printing retail chain Printo has acquired Delhi-based printing solutions company The Print Bazaar in an all-stock deal, it declared in a statement on Monday.
According to the accession,Balu Iyer who is the CEO at Printo said ,”We believe merging would give us a competitive advantage and we can collectively grow faster.With The print Bazaar acquisition we have not only fulfilled this aim but also created a platform that will help us penetrate deeper into the north Indian Market.”
Printo was before backed by Sequoia Capital, which had led a $4.46-million round in the company along with SeedFund in 2007, according to VCCEdge, the data research arm of VCCircle. However,the co-founder ,Sharma bought out Sequoia’s stake in 2012. Early-stage investor Blume Ventures is now an investor in Printo.
Following the acquisition, Printo will be investing up to Rs 10 crore in the new set-up to grow its impression in the National Capital Region, Manish Sharma, co-founder and chairman of Printo, said.
Established in 2005, Bangalore-based Printo Document Services Pvt. Ltd produces products such as business cards, marketing collateral, reports, calendars, diaries, greetings, invitation cards and branding signages. It dispatches across India in major cities like Bengaluru,New Delhi ,Mumbai, Hyderabad, Noida and Gurugram.Printo clashes with online photo-printing and merchandise startups such as Canvera, Zoomin, iTasveer, Printland and Shutterfly Inc.
With the acquisition of The Print Bazaar ,Printo will look to intensify its reach in the online printing market in Delhi -NCR.