Bengaluru, India | 3rd November: Deliveryontime Logistics Pvt Ltd popularly known as ‘Bizlog’, a reverse logistics solutions startup, announced a fund raise INR 12 crores in a pre-series-A round led by IANFund. Paras Jain Founder of Adishwar, one of the large chains of Electronics retail in Karnataka, also participated in the fund raise along with the IAN Angels. With this raise, the company will further develop the technology, create a roadmap to onboard new verticals and expand the business pan India over the next few years.
The co-founders’ HS Srinivasan, Krishnan Rajan, and E.V. Shunmugam, with their deep experience in the supply chain and logistics industry, realized thatthe reverse logistics activity is a large unmet demand in the logistics space providing a fast growing circular economy business opportunity to provide end to end reverse logistics. Bizlog 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, 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 eco system 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 ewaste problem and are the need of the hour. IAN is excited with the potential that the team of Srinivasan, Krishnan and Shunmugam can create!”
Paras Jain founder of Adishwar who has co-invested in Bizlog believes that “the real profits and authentication to the entire sales cycle will come from strengthening reverse logistics”.
