Excl: Web-to-print solutions startup Printbindaas raises angel funding
Printbindaas.com, an e-commerce startup run by Mumbai-based Print Bindaas Pvt Ltd and providing web-to-print solutions to Indian customers, has recently raised an undisclosed amount in angel funding from Manoj Kumar Swain, CEO of Morgan Stanley India Primary Dealer Pvt Ltd, and Rajesh Garg, AVP (business development & technology) at Ireo Management Pvt Ltd.
The company had also raised funding last year (for details, please click here).
Talking exclusively to Techcircle.in, founder Suraj Goyal said, "With the latest round of funding, the company will focus on expanding the business, acquiring new customers and marketing." Right now a team of 20, the company also wants to hire 15 more by the end of this year.
Printbindaas caters to entrepreneurs and SMEs, enabling them to design their own stationery and marketing collaterals such as visiting cards, envelopes, flyers and brochures with the help of the online templates uploaded on the site. Users can also customise these templates by uploading their own logos, pictures and designs. Printed products are delivered to users within 4-7 days after order-placing. In case a user requires help with custom design, the company offers attractive design packages as well.
"We aim to be a print consolidation for retailers, SOHO (small office home office), SMEs, professionals and corporate houses," said Goyal. "We have also set up a platform for corporate clients, so that they can outsource printing work. Right now, we have managed to tie up with six corporate clients," he added.
Launched in April 2010 by Goyal, Printbindaas started its sales operations in October that year and its online business in May 2011. Printbindaas also set up another office in Delhi around this time. A B.Tech in Electronics & Communications from the Institute of Technology, Banaras Hindu University, and an MBA in Marketing from the Xavier Institute of Management, Goyal had earlier worked with companies like HCL, Wipro, Datamatics Technologies, Teradata, NCR, Business Objects and SAP.
The company claims to have acquired 10,000 customers so far and says that it has been growing at 20-25 per cent month-on-month. Shipping across 7,000 pin codes across India, Printbindaas gets an average of 1,000 orders every month from SMEs and professionals. According to Goyal, the average order value is around Rs 600 and the annual revenue is around Rs 75 lakh. However, the company is eyeing revenues of Rs 3 crore for this fiscal. It is currently competing with key market players like Printo, Rocket Internet-backed PrintVenue and Printbazaar.
(Edited by Sanghamitra Mandal)