I think we missed this one earlier - Businessworld (subscription required) reports that Bangalore based Picsquare, started by two IIT Bombay graduates Manish Agarwal and Karthik Jain received $0.75 million

$75,000 in total (Update: BW got the figures wrong) in August 2006 from three Angel Investors - Sanjay Swami, CEO of mChq, Shripati Acharya, founder of Snapfish and Vijay Iyer, VP (Marketing), Portal Systems.
Picsquare allows uploaded digital photos to be printed and delivered anywhere in India. They can also be used to create gift items like calendars, coffee mugs and T-shirts. According to the report, around 70 per cent of the photos uploaded at Picsquare have been printed, which either means that there aren’t many people uploading photos at Picsquare, or that people are uploading primarily for printing. Earlier this year, talks between Picsquare and a Hoosier investor group had broken down. With eYaadein, RangeelaPhotos, MeraSnap, PhotoMasti, 123shots and maybe more- it certainly is a crowded marketplace.

According to CIOL, $25,000 of the $75,000 that PicSquare received was from angel investors under TiE’s Entrepreneurship Acceleration Program (EAP) initiative. The others to receive funding under this program include Redbus, Salesguru and Experience Commcerce.
Update: Manish Agarwal, co-founder Picsquare has clarified the numbers (changes made above). He adds: “The money will be used for building product and marketing. The marketing strategy here is to continuously acquire customers, build a brand for Picsquare, calculate customer acquisition cost and understand the response rate of different marketing activities. This shall enable us to deploy the marketing money with good return on investment in the next round.”

Related:
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