Brick-and-mortar printing services chain Printo has acquired InkMonk, a India-based online printing product marketplace backed by printing services provider Raksul, for an undisclosed amount.
Founded in 2013, InkMonk has built an online marketplace that enables small businesses to buy products such as mugs, courier bags, business cards, t-shirts, badges, envelopes and product labels decorated with custom printing.
The service will be combined with Printo’s existing online brands to form the country’s largest printing services company. InkMonk co-founders Isaac Wesley and Surya Sankar are joining Printo’s management team in conjunction with the deal.
Printo CEO Balu Iyer said: “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.”
Inkmonk said it had raised a total of more than $1m prior to the acquisition and identified Raksul and private investors Girish Mathrubootham and Phanindra Sama as investors. Venture capital firm Vamm Ventures took part in a $750,000 round for the company in August 2017 alongside two undisclosed, Japan-based VC funds.