Mumbai-based online marketplace for B2B excess inventory liquidation Excess2Sell has raised $1 million in its latest round of investment funding. The company has sourced the funding through Private Equity investor Gautham Madhavan and as part of the development, he joins the company's Board of Directors.
Founded by Rajan Sharma, Navinder Chauhan & Anant Chaturvedi, Excess2sell is a technology-driven marketplace which bridges the gap between the B2B sellers and buyers to connect them with each other and assist them to liquidate their overstock into cash.
“We are currently networked with 50-plus cities in India. We will be using the fund infusion to grow and expand our footprint and buyer-seller ecosystem to 100+ cities, enhance our technology back-end along with expanding our product line, increase our liquidation transactions in the coming year and strengthen our commitment to serve our partners", says Rajan Sharma, Founder & CEO, Excess2sell
The company is looking to utilize the fresh infusion of funding towards enhancement of technology to provide seamless and automated solutions on its platform, expand and gain a wider reach, connect more B2B partners from new verticals, and assist them with liquidation of their surplus or ageing stock.
Commenting on the investment, Gautham Madhavan, Director at Florintree and Fedex Group of companies said,
"We believe that Excess2Sell can leverage synergies with our portfolio companies and are confident of building a sustainable hyper-growth B2B eCommerce business. B2B business needs an in-depth industry experience and the know-how of the different markets, geographies and dynamics. I believe the company has the right talent, assets and is at the inflection point to scale up."
The company has grown at 150 percent CAGR since its inception in 2016. It has already liquidated excess inventory worth Rs 2.23 billion (over $29 million) to its B2B partners across India. The company is working towards achieving close to Rs 150 crore in this financial year and has kept a revenue target of Rs 2000 crores by 2023.
(Edited by Kanishk Singh)