Bengaluru based startup Blubirch, an IT/Reverse logistic service provider has raised an angel funding amount of $2 million from Chicago Capital ventures, Sanjay Mehta, Angel and PE Investor and others.
The company will use these funds to further expand their services in India and other countries and to strengthen its team to complement their capabilities. Blubirch is an independent end-to-end solution provider for electronics and IT reverse logistics.
Founded by Sapan Jain, Jeby Cherian, Amit Goel, and Jayathirtha P. Katti, Blubirch provides solution for IT asset management, remarketing and also deals with refurbished, customer returns and excess inventory. Since its inception in April 2014, the startup claims that it has witnessed meteoric growth from its business and user base standpoint.
Speaking on the occasion, Sapan Jain, CEO and Co-Founder, Blubirch said, “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.”
According to an estimate, the market size for reverse logistics is $20 billion and is growing at a phenomenal pace. In fact, the company has a network of 3000+ partner across the globe for redeployment and is already operating at a run rate of over Rs.100 crore. Blubirch plans to launch its consumer services and expects to reach Rs.60 crore revenue by early next year.