Online personal photo management & physical copy provider Zoomin Online (India) Pvt. Ltd has managed to secure US$ 1.5 Million (Rs. 8 Crores) from SVB India Finance. The subsidiary of US Based Silicon Valley Bank typically offers Debt Funding to companies who have an established line of business & managed to secure funding in earlier rounds.
What’s Zoomin’s niche?
While there are multiple online photo storage & manipulation portals out there, Zoomin offers the age-old option of having them printed. In this Digital age, there are hundreds or thousands of photos that people click everyday. But not all of them deserve to be printed. Zoomin allows its customers to upload only those photos which customers feel should be on a physical media. Additionally, just like a photo-printer of the old days, it offers multiple sizes.
Zoomin has employed some nifty marketing techniques of giving huge discounts for initial orders & offering a few photos free in bulk orders. Basically, the company has realized the basic need of humans to flaunt their creativity & given them the choice of media to get the same endorsed.
Venture Debt Funding is offered only to those companies who have previously managed to secure funding. Meant for tech firms who find it difficult to approach commercial banks for debt finance, debt funding involves handing over equity convertible portion which can be traded in case of acquisition or public listing.
Photo printing & delivery requires careful logistics planning. Interestingly, the company has tie-ups with Crossword bookstores in major metros & through internal couriers offers its services in US, the UK and Canada apart from India. As evident from the size of the Debt Funding, the company appears to be doing well. This merely proves that printing of digital photos is far from dead. Despite the advent of great digital imagery where photos can be instantly uploaded on Social Media, the charm of a physical copy embedded in a album still exist. What do you think?