The invention relates to a gravure printing ink and a method of multi-color gravure printing on flexible substrates with liquid radiation curable inks. Individual colors are transferred via direct contact between engraved gravure cylinder and a substrate. Each color is dried such that the sequentially printed ink layers transfer through the press without distortion of the printed image during multiple web turns around turn bars. Finally the printed substrate is cured by exposing an electron beam unit. The gravure printing ink comprises an admixture of a) a water dispersible pigment; b) a water dispersible, ethylenically unsaturated monomer, ethylenically unsaturated oligomer or ethylenically unsaturated polymer which is polymerizable or crosslinkable by the application of sufficient electron beam radiation; c) a defoaming agent; d) sufficient water to form a dispersion with components a), b) and c), which dispersion has a viscosity of from about 25 cps to about 200 cps.