Bengaluru-Based Bizlog Raises INR 12 Cr In Pre-Series A Round Led By IAN Fund
The company will utilize the fresh capital to develop its technology, create a roadmap to onboard new verticals and expand the business across India in the coming days
Bengaluru-based reverse logistics solutions startup Deliveryontime Logistics, also known as Bizlog, on Tuesday announced that it has raised INR 12 crore in a pre-Series A round led by IAN fund. Paras Jain, founder of Adishwar, one of the largest chains of electronics retail in Karnataka, also participated in the round.
The company will utilize the fresh capital to develop its technology, create a roadmap to onboard new verticals and expand the business across India over the next few years.
Understanding the unmet demand of reverse logistics, H.S. Srinivasan, Krishnan Rajan and E.V. Shunmugam founded Bizlog in 2016. The startup offers services including buyback/exchange, rentals, waste management, e-commerce, re-commerce, etc., of mobiles at the doorstep of its customers.
Speaking on the announcement, Srinivasan, chief executive officer of Bizlog, said, “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 investment, Padmaja Ruparel, founding partner, IAN Fund, said, “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 currently operational in more than 30 cities and poised to grow multifold in the future. The startup is working with both large corporates and startups to solve their return management and return logistics issues.