Deliveryontime Logistics raises Rs 12 cr in funding led by IANFund

The funding will be utilised in developing technology and expanding business pan-India over the few years, it said in a statement. Paras Jain, founder of Adishwar, one of the large chains of electronics retail in Karnataka, also participated in fundraising along with the IAN Angels, it added.

Reverse logistics service start-up Deliveryontime Logistics on Tuesday said it has raised Rs 12 crore in a pre-series-A round of funding led by IANFund. The funding will be utilised in developing technology and expanding business pan-India over the few years, it said in a statement.

Paras Jain, founder of Adishwar, one of the large chains of electronics retail in Karnataka, also participated in fundraising along with the IAN Angels, it added. Deliveryontime Logistics, which is also known as Bizlog, offers services including buyback, exchange, rentals, e-commerce and waste management of mobile phones at the doorstep of its customers.

Reverse logistics is used when goods are moved from their final destination to another location to recapture value or for final disposal. "Deliveryontime Logistics has raised funds to the tune of Rs 12 crore in a pre-series-A round led by IANFund. Paras Jain, founder of Adishwar, also participated in the fund raise along with the IAN Angels," the company said.

It added that with this raise, the company will further develop the technology, create a road map to onboard new verticals and expand the business pan-India over the next few years. Currently, Bizlog has its presence in over 30 cities across the country.

The reverse logistics activity is a large unmet demand in this space, providing a fast-growing circular economy business opportunity to provide end-to-end reverse logistics, according to the firm. "In the business value chain, reverse logistics is an untapped space that accounts for USD 13 billion market size, which is largely unaddressed," said Bizlog Chief Executive Officer H S Srinivasan.

He added that with the disruptive, innovative and tech-supported offerings, Bizlog is able to benefit its customers to reduce losses and bring in efficiency. Jain, who has co-invested in Bizlog, believes that "the real profits and authentication to the entire sales cycle will come from strengthening reverse logistics", the company said in the release.

"With the growing need on electronic devices, reverse logistics is a growing need for the reuse of these products delivered at the customers' doorstep," said Padmaja Ruparel, founding partner, IAN Fund..