Blubirch bags $10.2m Series A funding to expand footprint in India
By Gloria Mathias
Blubirch has secured a total fundraise of $10.2 million [INR 85crores] with the unique fundraise in this specific round to the tune of US$ 6.37 million [INR 53 crores].
Blubirch’s solutions have helped retailers and OEMs automate the returns management process, improve transparency and compliance while helping them improve their operating margins by 300 basis points.
The closure of this funding round is due to keen interest evinced by multiple institutional and venture capital investors planning to invest in high tech, innovation-driven scalable enterprise SaaS platforms and businesses that have a strong client portfolio, steady and growing revenue pipelines, and proven leadership teams. The two strategic and principal investors leading this Series A round are Cornerstone Ventures [CSVP Fund] and Capital2B.
Abhishek Prasad, Managing Partner, Cornerstone Venture Partners Fund, said “We believe Blubirch is solving a fairly large and complex need in the market. It’s AI-led product enables marketplaces and OEMs’ decisions on disposition of reverse inventory and helps unlock millions in working capital. The company has come a long way and is working with quite a few marquee names in India, while having started establishing its global footprint in key markets such as Middle East and SEA.”
This fundraise will help accelerate the company’s growth, deepen its market presence across various retailer marketplaces and OEM ecosystems, further consolidating its position as a leader in reverse supply chain solutions in India, as well as across MENA and the Indo-Pacific in the foreseeable future.
Sapan Jain, CEO, Blubirch shared, “We are thrilled to have secured this significant round of funding, which will empower us to continue our mission of revolutionizing the reverse supply chain. The funds will be deployed towards enhancing product development, majorly increasing acquisition of India-based talent, expanding regional operational capabilities, and accelerating market penetration. A key component of our growth strategy is our international foray into the MENA–GCC market.”
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