The firm will make the most of the recent capital to develop its expertise, create a roadmap to onboard new verticals and increase the enterprise throughout India within the coming days
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Bengaluru-based reverse logistics options startup Deliveryontime Logistics, also referred to as Bizlog, on Tuesday introduced that it has raised INR 12 crore in a pre-Series A spherical led by IAN fund. Paras Jain, founding father of Adishwar, one of many largest chains of electronics retail in Karnataka, additionally participated within the spherical.
The firm will make the most of the recent capital to develop its expertise, create a roadmap to onboard new verticals and increase the enterprise throughout India over the following few years.
Understanding the unmet demand of reverse logistics, H.S. Srinivasan, Krishnan Rajan and E.V. Shunmugam based Bizlog in 2016. The startup presents companies together with buyback/alternate, leases, waste administration, e-commerce, re-commerce, and many others., of mobiles on the doorstep of its clients.
Speaking on the announcement, Srinivasan, chief government officer of Bizlog, stated, “In the business value chain, reverse logistics is an untapped space that accounts for $13 billion market size, which is largely unaddressed. With disruptive, innovative, tech supported offerings, Bizlog is able to benefit its customers to reduce losses, bring in efficiency, provide superior consumer experience and add huge value into the complete supply chain ecosystem. Bizlog also offers comprehensive as well as custom-made reverse logistics solutions.”
Commenting on the funding, Padmaja Ruparel, founding associate, IAN Fund, stated, “With the growing need on electronic devices, reverse logistics is a growing need for the reuse of these products delivered at the customers’ doorstep. Companies like Bizlog present sustainable solutions to the e-waste problem and are the need of the hour. IAN is excited with the potential that the team of Srinivasan, Krishnan and Shunmugam can create!”
The startup is presently operational in additional than 30 cities and poised to develop multifold sooner or later. The startup is working with each massive corporates and startups to unravel their return administration and return logistics points.