BLUBIRCH, A REVERSE LOGISTICS PROVIDER, GETS $2 MILLION IN FRESH FUNDING
LIVEMINT, 12 AUGUST 2016
Over the past few years, with the growth of e-commerce sector, the market of both the forward and reverse logistics has increased. However, there’s a huge growth gap between the two types of logistics; and in terms of growth, the former is much ahead of the latter. According to experts, reverse logistics is plagued by mismanaged returns, high distribution costs and retailer–manufacture conflicts, among other reasons.
Reverse logistics service provider Blubirch (Green Enabled IT Solutions Pvt. Ltd) has raised $2 million (around Rs13.3 crore) in angel funding from Chicago Capital Ventures, angel investor Sanjay Mehta and others.
The Bengaluru-based firm, which started in April 2014, said it would use the funds to expand services in India and other countries. Blubirch plans to launch consumer services and expects to reach Rs60 crore revenue next year, the firm said in a statement on Wednesday.
“Our main focus is to assist our clients manage their complete range of technology assets. The fund raised will be used to further enhance the technology platform and to expand the operation across six more cities,” said Sapan Jain, chief executive, Blubirch.