Bengaluru-based reverse logistics solutions startup Deliveryontime Logistics Pvt Ltd, popularly known as ‘Bizlog’, on Tuesday, announced that it has raised Rs 12 crore in a Pre-Series A round led by IAN Fund. Paras Jain, Founder of Adishwar, also participated in this round along with the IAN Angels.
According to a statement, the startup will use this funding to further develop the its technology, create a roadmap to onboard new verticals, and expand the business pan-India over the next few years.
Co-founded in 2016 by HS Srinivasan, Krishnan Rajan, and E.V. Shunmugam, Bizlog provides services to many large corporates to startups in solving their returns management and reverse logistics issues.
During the pandemic, the startup had provided work from home logistics solutions to many big corporates.
Speaking on the announcement, HS Srinivasan, CEO, 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."
Currently present in 30+ cities, Bizlog also offers comprehensive as well as custom made reverse logistics solutions.
Commenting on the investment thesis, 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 IAN Fund invests in innovative companies in sectors including healthcare, biotech and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech and hardware.
Edited by Saheli Sen Gupta
Link : https://yourstory.com/2020/11/funding-reverse-logistics-startup-bizlog-technology
Author :- Trisha Medhi ( )
November 03, 2020 at 01:25PM
YourStory