From the looks of it, this seems to be a talent acquisition. ZoomIn told the publication that Photojojo’s 20-member team will be integrated with ZoomIn and this acquisition will allow them to strengthen their team for a global rollout. The company hopes to expand to developed markets like the US and Australia as well as strengthen its existing operations in Singapore.
New Rs 50 crore investment: The report says this acquisition is being financed by a fresh Rs 50 crore investment led by existing investor Lightbox Ventures with participation from First Round Capital and Gund Investments.
Prior to this, it had raised Rs 8 crore in venture debt funding from SVB India Finance in January last year and $12 million across two funding rounds from First Round Capital and Sherpalo Ventures. The Sherpalo Ventures investments was later taken over by Lightbox Ventures after Sherpalo decided to shift focus back to western markets.
Photojojo was founded in 2005 by Amit Gupta. It sells photography-related gears like phone lenses for iPhone and Android devices, time lapse cameras, lapel mics, solar chargers, phone filter kits and photography drones among others.
In June this year, it also launched a rental program that lets photographers borrow various quirky and rare photography equipments like polaroid cameras, flying drones with GoPro cameras and SLR lenses for iPhone among others. The company claims to have a community of 2 million registered users.
On the other hand, ZoomIn allows users to print digital photos on photo books, canvases, mugs, posters, calendars, and magnets. It provides doorstep delivery in India and also ships products to US, Singapore and others. The company claims to make more than 1,000 deliveries per day.
Earlier in March this year, ZoomIn also launched a mobile app called Photo Prints that lets users print photos directly from their phone and have them delivered anywhere in India. The app is currently available across iOS, Android and Windows Phone.
Competitors: Other players in this segment include Info Edge-backed Canvera which had raised Rs 13.5 crore investment in March this year, Printo which has investors like Sequoia Capital, Seed Fund and Blume Ventures and FlatPebble that had raised an undisclosed amount of investment from a series of angel investors in December.