Bizlog, a reverse logistics solutions provider, has raised Rs 12 crore ($1.6 million) in a pre-Series A funding round led by IAN Fund, the debut fund of the Indian Angel Network (IAN).
IAN said in statement that Bizlog will use the funds to expand its business across India, strengthen technology and onboard new verticals.
Bizlog, which is operated by Deliveryontime Logistics Pvt Ltd, was founded by HS Srinivasan, Krishnan Rajan, and EV Shunmugam in 2015.
The Bengaluru-based company provides services to large corporates and startups to resolve their returns management and reverse logistics issues. It also offers work from home logistics solutions, it said.
Srinivasan, who is also CEO at Bizlog, said that reverse logistics is an untapped space worth $13 billion.
Prior to founding Bizlog, Srinivasan worked with companies such as DelightFoods, HomeShop19 and Letsbuy.com while Rajan worked in the financial departments of firms including private equity giant KKR, according to their LinkedIn profiles. The antecedents of Shunmugam could not be ascertained.
Indian Angel Network, which was founded in 2006, has been one of the prominent investors in India's startup ecosystem. It has over 120 portfolio companies across seven countries.
The angel network later launched its own fund. It marked the final close of its maiden IAN Fund in November last year at Rs 375 crore, surpassing its targeted corpus.
The fund, which is largely sector-agnostic, focuses on healthcare and medical devices, software-as-a-service (SaaS), marketplaces, fintech, Big Data, artificial intelligence and hardware.
The fund's recent investments include Phool.co, which uses floral waste to make patented organic fertiliser and incense sticks, and WoodenStreet, a customised furniture startup. It has also invested in B2B e-commerce and supply chain platform MaxWholesale, air pollution control firm Chakr, waterless solar panel cleaning startup Nocca Robotics, cataloguing startup Flatpebble, local discovery and e-commerce platform Little Black Book and data analytics firm Clootrack.