Overcart Successfully Raises a Series A Funding Round.
An online marketplace that sells excess stock and seal-opened products, Overcart, has secured Series A investment led by K Ganesh’s entrepreneurship platform GrowthStrory with the follow-on investment from GSF Superangels.
The Dhelhi-based startup shall utilize the undisclosed amount to scale their business on the supply chain side, as well as cultivating its talents 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 shall be joining the Board of Director and Jonathan Bill, who is also an investor, comes on board as a Strategic Adviser. Along with GSF Superangels, the accelerator founded by Rajesh Sawhney, Dinesh Aggarwal, IndiaMart Founder and CEO; Aloke Bajpai, iXigi Founder and CEO, Rishab Malik, GSF, Operating Partner, and Tara Bhargava, GSF, EIR have also joined during 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 out businesses and large e-commerce companies manage their customer returns and liquidate their unsold stock directly to end-consumer and smaller retailers. This gives consumer access to products at liquidation prices, while giving business better value for their stock and reducing their warehousing prices. It’s main target audiences are the consumer electronics market based around India with its largest category 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 initially launched in 2012 as Bootstrapp, a direct to consumer re-commerce company by Souter and Nath.