SaaS startup Blubirch raises $6.37M from Cornerstone Ventures, Capital2B
Benglauru-headquartered Blubirch will use this fresh capital for growth initiatives, including expansion into newer markets and hiring.
SaaS startup Blubirch has raised $6.37 million in a Series A funding round led by Cornerstone Ventures and Capital2B.
This funding round takes the total capital raised by the Bengaluru-headquartered company to $10.2 million.
Founded in 2014 by Sapan Jain, Jeby Cherian and Amit Goel, Blubirch's automation platform works to minimise product returns, eliminate waste, and increase product lifespan by utilising advanced technologies.
Blubirch will use this capital for growth initiatives, including deepening its presence in retailer marketplaces and OEM ecosystems in India while also expanding to the Middle East and Southeast Asia regions.
“The funds will be deployed towards enhancing product development, majorly increasing acquisition of India-based talent, expanding regional operational capabilities, and accelerating market penetration,” said Blubirch CEO Sapan Jain.
The startup said it offers a complete reverse supply chain management solution with its AI- and ML-powered Returns Automation and Monetisation Platform, enabling real-time returns tracking.
According to Blubirch, it is estimated that inefficiencies in managing customer and warranty returns have a 25% impact on the operating margins for both retailers and OEMs. The startup claimed through its software solution, companies have increased their operating margins by 300 basis points.
“We believe Blubirch is solving a fairly large and complex need in the market. Its AI-led product enables marketplaces and OEMs’ decisions on disposition of reverse inventory and helps unlock millions in working capital,” said Abhishek Prasad, Managing Partner, Cornerstone Venture Partners Fund.
Edited by Kanishk Singh