Logistics solutions startup Bizlog announced it has raised Rs 12 crore in a pre-series-A round led by IAN fund. Founder of Adishwar, Paras Jain, also participated in the funding round.
The company plans to use the current funding to develop technology, create a roadmap to onboard new verticals and expand the business pan India over the next few years. Currently, the company has presence in over 30 cities.
“In the business value chain, reverse logistics is an untapped space that accounts for $13 billion market size, which is largely unaddressed,” said HS Srinivasan, CEO, Bizlog.
IAN Fund, an Rs 375 crore fund, is an early stage fund which invests in companies in sectors including healthcare, biotech and medical devices, VR, AI, software as a service, marketplaces, fintech, big data, artificial intelligence, agritech and hardware.
“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.
Over the next 10 years, the IAN platform plans to invest Rs 5,000 crore in 500 companies, making it the single largest platform for early-stage investing, enabling companies to raise from Rs 25 lakhs to Rs 50 crore from a single platform.
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