Offers sector ergonomic end-to-end reverse logistics solutions to diverse business houses
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 that the 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".
About IAN Fund
The IAN Fund, an INR 375 crore fund, is a uniquely differentiated seed/early stage Fund which aims to transform India's entrepreneurial landscape. The 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. The Fund leverages and builds upon the strengths and success of IAN, the world's largest angel investor group, to breed and grow innovative companies.
The fund has Institutional investors like SIDBI's Fund of Funds for Startups, IIFL, Wadhwani Foundation, Max Group, Hyundai along with marquee individuals like Kris Gopalakrishnan, Sunil Munjal, Rajan Anandan, Kanwal Rekhi, Vikram Gandhi, Jerry Rao amongst many others. This is the first in a series of Funds so that over the next 10 years, the IAN Platform would invest Rs 5000 Cr in ~500 companies, making it the single largest platform for early stage investing, enabling companies to raise from Rs 25 lakhs to Rs. 50 crores from a single platform, along with co investors, providing startups funding through the most challenging stages of their growth. The IAN fund plays a critical role, not just in plugging the gap in funding, but also in using its vast network to provide strategic mentorship and market access
About Bizlog
Bizlog, a focused reverse logistics service provider is currently present in 30+cities and poised to grow multifold in the near future. It is run by professionals with over 100+ years of experience in the domain of supply chain. It is providing service to many large corporates to start ups in solving their returns management and reverse logistics issues. It also provides Work from home logistics solutions to many big corporates during the pandemic situation.
11/03/20, 12:03:54 PM
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