Delhi-based Reverse Logistics Company Pvt ltd and its brand GreenDust has raised a Series B round of investment from Vertex Venture Holdings Ltd, a fully owned subsidiary of Temasek. Existing investors KPCB and Sherpalo Ventures have also played an active role in the investment round. The size of funding is around US$40 Mn as reported by VCCircle.
Hitendra Chaturvedi, founder and CEO of GreenDust, commented: “We want reverse logistics to be a catalyst for growth for our business partners. With this round of funding we will be able to provide even better world class, pan-India solution to them. Moreover, we will be able to strengthen our online and offline presence through Greendust.com thereby providing value conscious Indian consumers highly discounted branded products. In these tough economic times this is a win-win for our business partners as well as Indian consumers”
Reverse Logistics Company is a provider of reverse supply chain solution for OEMs, retailers, and ecommerce companies helping minimize the cost of processing returns. RLC also extends its value by selling certified branded factory second, returned, surplus and obsolete products to end customers through its brand GreenDust. Greendust has 50 offline stores and an online presence.
According to Chaturvedi, in India, aftermarket returns that form part of the reverse logistics industry are estimated at $10-15 billion. Before launching RLC, Chaturvedi has worked with Microsoft’s OEM business in India and a US based reverse logistics company, Newgistics.
RLC received its first round of funding of $7 Mn from Reliance Venture Asset Management, Kleiner Perkins Caufield & Byers and Sherpalo Ventures in March 2010 and seed funded by Sasha Mirchandani of Mumbai Angels.