Deliveryontime Logistics-operated Bizlog on Tuesday said it has raised $1.6 million (Rs 12 crore as per current exchange rates) in a fresh funding round, dubbed a pre-Series A round.
Led by Indian Angel Network (IAN) Fund, the round also saw participation from Paras Jain, CEO of electronics retail chain Adishwar, a statement said.
The Bengaluru-based firm said it will use the fresh capital to develop its technology, create new verticals and expand its business in India over the next few years.
It was founded by HS Srinivasan, Krishnan Rajan and EV Shunmugam in 2015 to meet the neglected demand of reverse logistics. Reverse logistics involves the journey of a product once it is returned or disposed of by the end customer.
“In the business value chain, reverse logistics is an untapped space that accounts for $13 billion market size, which is largely unaddressed,” Srinivasan, also the CEO of Bizlog, said.
Bizlog offers services, including buyback/exchange, rentals, waste management, ecommerce and re-commerce of mobiles at customer doorstep.
With a presence in over 30 cities, Bizlog currently provides services to large corporates and startups, solving their returns management and reverse logistics issues.
According to data from VCCEdge, the startup ended FY19 with a revenue of Rs 4.35 crore, while its losses stood at Rs 1.53 crore, up from Rs 2.53 crore and Rs 8.57 million, respectively.
Lead investor IAN Fund has also invested in other startups in the recent past. In September, it infused $475,217 in Kochi-based agritech startup Farmers Fresh Zone. In June, it backed Jaipur-based online furniture retail platform WoodenStreet in a $3 million round.