Active Stocks
Tue Mar 19 2024 13:01:07
  1. Tata Consultancy Services share price
  2. 4,020.00 -3.01%
  1. Tata Steel share price
  2. 149.90 0.20%
  1. Bharti Airtel share price
  2. 1,230.20 0.42%
  1. Power Grid Corporation Of India share price
  2. 259.90 -1.92%
  1. ITC share price
  2. 410.00 -1.77%
Business News/ Companies / News/  Overcart raises Series A funding from GrowthStory, others
BackBack

Overcart raises Series A funding from GrowthStory, others

The company will use the money to hire more people and expand business in Mumbai, Bangalore and Chennai

Overcart, previously called Bootstrapp, helps businesses and large e-commerce companies manage their customer returns and liquidate their unsold stock directly to end-consumers and smaller retailers. Premium
Overcart, previously called Bootstrapp, helps businesses and large e-commerce companies manage their customer returns and liquidate their unsold stock directly to end-consumers and smaller retailers.

Bangalore: Overcart.com, an online marketplace for refurbished, pre-owned and excess stock products, has raised Series A funding led by Krishnan Ganesh, founder of venture capital platform GrowthStory.in. The size of the deal remained undisclosed.

Existing investor, GSF Superangels, also took part in this round of funding.

The Delhi-based start-up will use the money to hire more people and expand geographically into other warehousing hubs like Mumbai, Bangalore and Chennai.

Overcart, previously called Bootstrapp, helps businesses and large e-commerce companies manage their customer returns and liquidate their unsold stock directly to end-consumers and smaller retailers, in the categories of cameras, mobile phones, laptops, games and accessories.

Founded by Alex Souter and Saptarshi Nath in October 2012, the company is registered under the name Exit10 Marketing Pvt Ltd.

“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 they are solving a massive pain point for e-commerce companies—returns and unused stock," said K. Ganesh.

In February last year Ganesh sold TutorVista Global Pvt. Ltd, the company he and wife Meena Ganesh founded in 2005, to Pearson Plc in a $213 million deal, after which he started GrowthStory.in.

“Our long-term vision is to completely replace the returns department of e-commerce and retail companies," said Nath, co-founder, Overcart.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 24 Jun 2014, 02:25 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie