Bangalore based photo printing portal Picsquare.com has been acquired by online retail firm Infibeam.com. We’d received a tip-off regarding the same a week and a half ago, and though it had been denied then, Picsquare co-founder and CEO Manish Agarwal has now confirmed to MediaNama that the deal is done. Update: Picsquare, which has around 10 employees, will continue to work as a separate brand, and will share technology and offerings with Infibeam. Agarwal declined to comment in the details of the deal – whether there’s cash involved and the Picsquare founders have a lock-in period, or whether there’s stock involved, and they’re going to work with Infibeam.
Startup acquires startup
What, really, is Infibeam? According to an old release, Infibeam was launched as an automobile portal in 2007, by a software development firm of the same name. It featured car reviews, industry news, finance options, EMI calculator, used car listings and a car rental service. It then expanded its portfolio to include a mobile section, and followed up with segments on watches, fitness equipment section, Jewellery, Apparels, Books etc…it diversified. Photo Printing and the customised gift printing knowhow that Picsquare brings, will be another addition to the portfolio.
Nevertheless, sale is rather unusual, since in August, Picsquare had announced an investment from offline player Bhola Digital Lab, whose printing services Picsquare had been using. Picsquare has been in the business for over 2 years now, having raised an initial amount of investment of $75,000 from MChek CEO Sanjay Swami, Snapfish founder Shripati Acharya and Vijay Iyer, VP (Marketing) of Portal Systems.
This is also the second sale from among the photo sharing portals in recent times – MeraSnap’s userbase was acquired by HP owned Snapfish (ironically, Snapfish founder Shripati Acharya was an investor in Picsquare).
Other companies in the online photo and personalised products space include Printo (funding from Sequoia Capital and Seed Fund), iTasveer (has a deal with Windows Vista), KPCB and Sherpalo funded ZoomIn, Canvera (funding from Footprint Ventures, Mumbai Angels and DFJ), Myntra ($5 Million from NEA-Indo US Ventures, IDG Ventures and Accel India) , eYantra ($3.1 million from VentureEast and Argonaut) and others like eYaadein and PhotoMasti.
Update: VCCircle reported the possibility of the deal yesterday, which probably resulted in the announcement from Picsquare.