Got a mail this morning from the founder of Picsquare informing us about an acquisition of Picsquare by Infibeam.
Picsquare for those who dont know is an online photo printing and customized gift products like greeting cards, photo frames, t-shirts, photo puzzle, gifts and offers features that allow users to customize the product that is right for them. We have covered the photo printing industry in detail here. Picsquare was earlier in the news for recieving funding from an offline player in bhola digital labs. The other players in this segment are printo, snapfish, canvera, GKvale and and offlate epson with fotoflock
We spoke to Manish Agarwal of Picsquare to get more information on the deal.
Q) What would be the future for Picsquare post acquisition?
Picsquare would continue as a standalone operation and the brand would continue to exist. There would be two teams (picsquare and infibeam) that are going to work together. The focus of picsquare is going to be photograph printing on products. With this acquisition we shall expand interms features on the website and products such as innovative customized products.
Q) Who will fund this expansion?
As we are now a part of Infibeam our expansion would be funded by them.
Q) So is funding for expansion a part of the acquisition deal?
I can’t comment on the structure of the deal but we would be supported financially by our parent company for our growth and expansion
Q) Would this acquisition mean any management changes?
There would be no management changes and me and my team would continue to work on Picsquare though as we are expanding we would be hiring more people in the future.
Q) Does expansion of products means you are directly in competition with the likes of Myntra which is a funded enterprise?
Yes even now we compete with Myntra on products that we offer.
This is a slowdown deal if you ask me. It seems the picsquare guys ran out of cash and had to head for cover so they sold out instead of shutting shop.
couldnt agree with you more raunak.. I know of atleast 3 more properly funded startups that would be shutting down soon. Most people would be very surprised!
Pooja I know which startups you talking about!