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Reverse Logistics Company Raises Series B Funding
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Thursday, June 28, 2012:
Delhi-based Reverse logistics company Pvt ltd and its brand GreenDust has raised a Series B round of investment from Vertex Venture Holdings Ltd, a fully owned subsidiary of Temasek. Existing investors Kleiner Perkins Caufield Byers and Sherpalo Ventures have also played an active role in the investment round. The Series B has been formulated that would bring an edge to the patrons and alliances on a longer run.
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Hitendra Chaturvedi, founder and CEO of GreenDust, commented: "We want reverse logistics to be a catalyst for growth for our business partners. With this round of funding we will be able to provide even better world class, pan-India solution to them. Moreover, we will be able to strengthen our online and offline presence through Greendust.com thereby providing value conscious Indian consumers highly discounted branded products. In these tough economic times this is a win-win for our business partners as well as Indian consumers"
"We are delighted to partner with Hitendra in building a world class trusted online retailer that offers incredible value to its customers" said CHUA Joo Hock, Managing Director and Chief Investment Officer at Vertex. "The management team has shown strong execution over the last three years and has built capabilities which will help them scale quickly. We look forward to support them through the next phase of growth."
In addition to the investment round, RLC extends its value by selling certified branded factory second, returned, surplus and obsolete products to end customers through its brand GreenDust. Each product undergoes rigorous quality check and is sold with warranty. GreenDust through its online ( www.greendust.com) and offline (over 50 stores) channels offers branded discounted products for value conscious Indian consumers looking to stretch their hard-earned money without compromising on quality and service.
Vertex's strong network of partnerships with OEMs in Asia Pacific region is expected to help GreenDust form alliances with leading manufacturers.
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