Bengaluru-based reverse logistics startup Deliveryontime Logistics Pvt Ltd popularly known as ‘Bizlog’ has raised INR 12 Cr in a pre-series-A round led by IAN Fund.
With the fresh infusion, the company plans to leverage the technology, create a roadmap to onboard new verticals, and expand the business pan India over the next few years.
Founded by HS Srinivasan, Krishnan Rajan, and EV Shunmugam in 2015, Bizlog provides services to large corporates to startups in solving their returns management and reverse logistics issues.
“In the business value chain, reverse logistics is an untapped space that accounts for $13 Bn 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,” said HS Srinivasan, CEO, Bizlog.
Launched in 2006, IAN Fund aims at investing up to $1 Mn, with an average ticket size of about $400K-$600K and exiting in a three-five year period through a strategic sale. It is a SEBI registered early-stage fund with about 470 investors from 11 countries and invests in sectors including healthcare, biotech and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech and hardware.
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!”
IAN Fund recently invested in startups such Phool.co and WoodenStreet. It has further invested in MaxWholesale, Chakr, Nocca Robotics, Flatpebble, Little Black Book and Clootrack.