Online marketplace Overcart which sells excess stock and seal-opened products has closed Series A investment led by serial entrepreneur K Ganesh’s entrepreneurship platform GrowthStory and GSF Superangels.
Following the round, K Ganesh will join the board and Jonathan Bill (also an investor) comes onboard as a strategic advisor. Dinesh Aggarwal (IndiaMart ‘s founder), Aloke Bajpai (iXigo founder & CEO), Rajesh Sawhney among two others also participated in the round.
The funding will be used to scale Overcart’s business – on the supply chain side as well as building out its talent and technology.
Overcart helps businesses and large ecommerce companies to 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.
“With e-commerce growing at a fast pace in India, the ecosystem around ecommerce companies has reached an interesting scale. We are investing in Overcart as they are solving a massive pain point for e-commerce companies – returns and unused stock,” says Ganesh.
Ganesh, who exited Tutorvista to Pearson in a $213 million deal had invested in traditional ecommerce models such as BlueStone and BigBasket.
Launched in 2012 Overcart is a direct to consumer re-commerce company by Alex Souter and Saptarshi Nath, two colleagues from the consulting firm CEB. The startup graduated from the first GSF accelerator batch along with companies such as Little Eye Labs SilverPush among others.
“Our long term vision is to completely replace the returns department of ecommerce and retail companies” says 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 adds.