Overcart raises Series A funding from GrowthStory, others
1 min read . Updated: 24 Jun 2014, 05:35 PM IST
PremiumThe company will use the money to hire more people and expand business in Mumbai, Bangalore and Chennai
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.
