REVERSE LOGISTICS PROVIDER BLUBIRCH GETS $2 MN ANGEL FUNDING
TIME OF INDIA, 16 DEC, 2015
Reverse logistics provider Blubirch said it raised $2 million in angel funding from Singapore-based Chi Ventures and Sanjay Mehta of Angel and PE Investor among others. Chi is an early stage technology focused venture capital firm ventures and Mehta is a first generation serial investor.
Founded by Sapan Jain, Jeby Cherian, Amit Goel, and Jayathirtha P Katti, Blubirch focuses on reverse logistics with a main focus on IT technology. It provides solution for IT asset management, remarketing and also deals with refurbished customer returns and excess.
"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," chief executive Sapan Jain said.
The company will use the funds to expand its services in India and other countries and strengthen its team to complement their capabilities. The Bengaluru-based company plans to enter Mumbai, Delhi NCR and Chennai by the end of the fiscal, Jain told TOI.
According to an estimate, the market size for reverse logistics is $20 billion and is growing at a phenomenal pace. Blubirch has a network of more than 3,000 partners across the globe. As part of the investment, Mehta would take up an advisory seat in the company. Jain did not disclose whether the investors would be getting a board seat.
"The sheer addressable market size makes Blubirch investment an attractive proposition. The execution team pedigree was the best in the industry and we saw exponential growth opportunities in multiple categories. Blubirch is set to become the defacto B2B exchange for ICT vendors," Mehta said.
Blubirch's revenue is expected to grow to Rs 60 crore this year from Rs 17 crore, a year earlier, according to Jain.