Blubirch Secures $6.4 Million in Funding to Strengthen its Reverse Supply Chain Platform
- ByStartupStory | October 26, 2023
Blubirch, a SaaS and AI-based reverse supply chain management platform provider, has successfully secured $6.4 million (INR 53 crores) in its Series A funding round. The round was spearheaded by Cornerstone Ventures and Capital2B. The company has expressed its intent to utilize these funds to expedite its growth and expand its presence in diverse retailer marketplaces and original equipment manufacturers’ (OEMs) ecosystems.
Blubirch envisions this capital injection as a means to further establish itself as a leading player in the realm of reverse supply chain solutions, not only in India but also in the MENA (Middle East and North Africa) and Indo-Pacific regions in the foreseeable future. Since its inception in 2014 by IT veterans Sapan Jain, Jeby Cherian, and Amit Goel, Blubirch has been offering a comprehensive reverse supply chain management solution powered by AI and ML. Its Returns Automation and Monetisation Platform provides real-time returns tracking, with the aim of minimizing product returns, reducing waste, and extending product lifespans.
The $6.4 million raised in this Series A round adds to Blubirch’s cumulative funding, which now stands at $10.2 million (INR 85 crores). According to Blubirch CEO Sapan Jain, these funds will be primarily directed towards enhancing product development, expanding their team with talent from India, bolstering regional operational capabilities, and speeding up market penetration. Jain also emphasized the company’s international expansion strategy, particularly into the MENA-GCC market.
In an era when retailers and OEMs face mounting challenges associated with returns, Blubirch asserts that its solutions have played a pivotal role in automating the returns management process, enhancing transparency and compliance, and boosting operating margins by an impressive 300 basis points. Blubirch has also introduced a new market category with its Returns Automation Platform as a Service (RA–PaaS) and forecasts that it has the potential to reach a market size of $50 billion by the fiscal year 2029-30.
Cornerstone Venture Partners Fund’s Managing Partner, Abhishek Prasad, commended Blubirch’s contributions to the market, emphasizing that the AI-led product has enabled marketplaces and OEMs to make well-informed decisions regarding reverse inventory disposition, ultimately unlocking substantial working capital. Furthermore, he noted that Blubirch’s product suite has the capacity to supercharge the entire supply chain for its customers, expanding the value proposition beyond reverse automation.
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In the competitive landscape of reverse supply chain management, Blubirch faces off against established players such as Ecom Express, Delhivery, Xpressbees, Blue Dart, and other industry leaders.
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