BLUBIRCH GETS $2-MN ANGEL FUNDING
BUSINESS ILNE, DEC 15, 2015
Bengaluru-based IT/reverse logistics services provider Blubirch has raised $2-million angel funding from Chicago Capital Ventures and serial investor Sanjay Mehta along with few other investors.
The company will use these funds to further expand its services in India and other countries and to strengthen its team to complement their capabilities. Blubirch is an independent end-to-end solutions provider for electronics and IT/reverse logistics.
The company founded by Sapan Jain, Jeby Cherian, Amit Goel, and Jayathirtha P. Katti, focuses on reverse logistics with main focus on IT technology.
It provides solutions for IT asset management, remarketing and also deals with refurbished customer returns and excess. Since its inception in April 2014, the company has witnessed meteoric growth from its business and user base standpoint.
Sapan Jain, CEO and Co-Founder, Blubirch, said in a statement: “While technology is at the forefront of what we do at Blubirch, our main focus is to assist our clients manage their complete range of technology assets. The funds raised will be used to further enhance the technology platform and to expand the operation across 6 more cities.”
According to an estimate, the market size for reverse logistics is $20 billion and is growing at a phenomenal pace. In fact, the company has a network of 3000+ partner across the globe for redeployment and is already operating at a run rate of Rs. 100+ crore.
“We will continue focusing on bringing incremental value to our clients through our end-to-end reverse logistics solution and ensuring that we continue contributing to a clean digital India by extending the life of technology products and making these second life quality products affordable for companies and individuals,” Sapan added.
Sanjay Mehta said, "The sheer addressable market size makes Blubirch investment an attractive proposition. The execution team pedigree was the best in the industry & we saw exponential growth opportunities in multiple categories. Blubirch is set to become the defacto B2B exchange for ICT vendors."
Blubirch plans to launch its consumer services and expects to reach Rs. 60 crore revenue by early next year.