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.
Bizlog was 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.
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.
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.”
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!”
Bizlog Value Chain will use the funding to further develop the startup’s technology, create a roadmap to onboard new verticals, and expand the business.