IPW was established by Late Mr. Vishwanath Limaye and Late Mr. Wamanrao Bambardekar, who were working together in the reputed press of Madam Maniben Cara at Babulnath. Both of them had come from small towns in Konkan, but with the determination to build their own destiny, they thought of starting their own business. To begin with, they took charge of a press in Mazgaon in 1929, till they started IPW in 1932.

The press started with a Chandler and Price hand-fed platen machine and some hand composing cases. As the business started growing a secondhand monotype casting machine was added which was ultimately replaced by American and British linotype machines. The targeted market was books, magazines and annual reports along with various stationery jobs. The additions in the press-section were brand new automatic Heidelberg platen machines and double-crown, double-royal and quad-demy size Miehle letterpress cylinder printing machines.

The value of finishing jobs was never overlooked and an up-to-date bindery with brand new folding, sewing, cutting machines was deployed. One can scarcely believe that fifty years ago, machines like revolving gathering tables, endpaper pasting machines and case making machines were specially designed by the press on its own.

Mr. Limaye, a perfectionist, looked mainly after the production, while Mr. Bambardekar, who was a keen businessman, looked after sales. The perfect combination of meticulousness and business acumen with an inborn attitude of hard work played wonders and IPW, which started from a modest 500 sq. ft. unit graduated to 5000 sq. ft. unit in the same building, and soon became one of the leading printing houses in India in a very short span of time.