Bengaluru-based IT/reverse logistics services provider Blubirch has secured $2 million in angel funding
from Chicago Capital Ventures, serial investor Sanjay Mehta and other investors, according to a statement.
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, the statement added.
“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 fund raised will be used to further enhance the technology platform and to expand the operation across 6 more cities,” said Sapan Jain, CEO and co-founder of Blubirch.
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. Since its inception in April 2014, the company has witnessed meteoric growth from its business and user base standpoint.
“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.
According to the industry estimates, the market size for reverse logistics is $20 billion and is growing at a phenomenal pace. Blubirch alone claims to have a network of 3000+ partner across the globe for redeployment and is already operating at a run rate of Rs 100+ crore.
“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,” Mehta said.
The startup plans to launch their consumer services and expects to reach Rs 60 crore revenue by early next year.