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 of day-to-day operations but continue as an advisor and join the board of the company. Sethi will move on to of iDecorama, a digital engineering, design and modelling company as its Executive Director and CEO
Rocket Internet-backed online printing solutions provider Printvenue had secured $4.5 million funding from the Asia Pacific Internet Group in January last year. The company hasd earlier expanded operations into Australia and Singapore, and joined the Asia Pacific Internet Group post funding.
Other companies in this segment include Printo Document Services which was backed by investors like Sequoia Capital, SeedFund and Blume Ventures. Printland is another company in the same category that raised Rs 5 crore from Small Industries Development Bank of India (SIDBI) in partnership with existing investors Evista Venture Capital and Sanjeev Kakar in 2013. Printbindaas received angel funding from Manoj Kumar Swain and Rajesh Garg in August 2012.
Vistaprint had also launched Vistaprint India shortly after acquiring PrintBell while Alma Mater, an online brand for customized merchandise printing, received funding from Indian Angel Network in November 2012.