Bengaluru-based distributor and manufacturer of office stationery products, Ravi Agencies Pvt Ltd., has merged with Touchstone Enterprise Pvt Ltd, the company behind online gifting portal GiftWrapped.in. Both companies will co-create a B2B online office supply store offineeds.com, and will shut down their existing operations in about 3 months. The new site will be operational from March 6, 2015 and co-founders of both the firms will be a part of the board of the company.
As per a VCCircle reprot, the founders have also invested a seed capital of Rs 1.5 crore to set up the platform and the company will offer products under four categories including stationery, IT consumables, housekeeping materials and corporate gifts. The target customers are entrepreneurs/business owners. It will compete with Kobster, which recently raised funding and Rocket-Internet backed Hank Retail Pvt Ltd., which owns and operate Officeyes.com, a B2B site for office supplies, stationery etc.
Ravi Agencies was started as a paper trading company and later went on to become distributor and manufacturer of office stationery products like pen, paper, colors, calculator, files, envelopes etc. GiftWrapped specializes in corporate gift category and having operations in Bengaluru, Hyderabad, Chennai, Mumbai and Delhi.