Postergully, an online store for custom posters and other art works has been acquired by Sumit Gandhi and Manish Gandhi, the promoters of Asian Business Exhibitions and Conferences (ABEC), the company said in a statement. The financial details of the acquisition were not disclosed. PosterGully is an online merchandise shop which offers products like posters, vinyl stickers, notepads, laptop skins, magnets, key chains and bumper stickers among others, across various genres like music, movies, television, quotes and comics and others. It also allows artists and designers submit designs and provides them with 15% to 30% share of the revenue, based on net sales amount in the transaction. Artists & designers can contribute to merchandise across a variety of products including home decor, furnishings, apparels and mobile accessories. The company currently claims to have over 5000 artists selling on the platform with over 1.5 million unique visitors in 2016. In the last two years Postergully claims to have shipped out over 600,000 SKUs. The company raised funding from individual investors like Dinesh Agarwal, Natarajan Iyer, Nish Bhutani, Anupam Mittal, among others and raised $160K in June last year. Postergully was also a part of GSF Accelerator that graduated 12 startups in the second batch of its accelerator program in 2013. Prior to this, the company received an undisclosed funding and mentorship from startup accelerator and incubator The Hatch in 2012. Change in leadership: PosterGully, as a platform, will continue to operate under a new leadership with ABEC, while its founder and CEO Bharat Sethi, will move out…
