Marketplace for excess stock Overcart secures Series A funding
The Delhi-based startup will use the funds to scale the business on the supply chain side and build its talent and technologyBy Twishy Shahi 25 Jun, 2014
Overcart, an online marketplace that sells excess stock and seal-opened products, has closed Series A investment led by K Ganesh’s entrepreneurship platform GrowthStory, with follow-on investment from GSF Superangels.
The Delhi-based startup will use the undisclosed sum to scale the business on the supply chain side, as well as build its talent and technology.
“With e-commerce growing at a fast pace in India, the ecosystem around e-commerce companies has reached an interesting scale. We are investing in Overcart as it is solving a massive pain-point for e-commerce companies – returns and unused stock,” said K Ganesh.
K Ganesh will join the Board of Directors and Jonathan Bill (also an investor) comes on board as a Strategic Advisor. Along with GSF Superangels, the accelerator founded by Rajesh Sawhney, Dinesh Aggarwal, IndiaMart Founder and CEO; Aloke Bajpai, iXigo Founder and CEO; Rishab Malik, GSF, Operating Partner; and Tara Bhargava, GSF, EIR have also joined in this round.
“With the marquee investors we have now have on board, Overcart is ideally positioned to scale in step with India’s e-commerce sector. The consolidation we are seeing in the e-commerce industry fits right into our business model,” said Co-founder Alex Souter.
Overcart helps businesses and large e-commerce companies manage their customer returns and liquidate their unsold stock directly to end-consumers and smaller retailers. This gives consumers access to products at liquidation prices, while giving businesses better value for their stock and reducing their warehousing costs. It targets the consumer electronics market in India, with its largest category as smartphones.
“Our long-term vision is to completely replace the returns department of e-commerce and retail companies,” said Co-founder Saptarshi Nath. “We think of ourselves as a service provider, not a retailer. We fundamentally believe that a light tech-and-data based business can help companies find the best liquidation channels, while ensuring consumers have access to high-quality products at drop-dead prices,” he added.
Overcart was originally launched in 2012 as Bootstrapp, a direct to consumer re-commerce company by Souter and Nath.