Overcart a Delhi based liquidation and return management startup has raised $3 million in its Series A round of funding from Omdiyar Network, JSW Ventures, Venture works and Sattva Capital. The funds will be used in the innovation of the Hardware and Software to refurbish, Quality check and diagnose the products across various categories and locations.
Alexander Souter, MD & co-founder, Overcart said,
“The capital will help us continue to place strategic bets on building out further hardware and software innovations, which will enable us to diagnose, refurbish and quality check products across more categories and locations.”
It is using both hardware and software innovations with a team of 120 people to power its operations across Bengaluru, Delhi-NCR and Mumbai.
Overcart was founded in 2012 by Alex Souter and Saptarshi Nath. It provides liquidation and return management services to major e-commerce companies, retailers and manufacturers.
Earlier it raised undisclosed amount of funding from Krishnan Ganesh, Bangalore based serial investor, GSF Accelerator and host of Angel Investors
Overcart works with leading business to liquidate their returned goods and excess stock, providing certification and quality check, online return management and repair assistant to its clients. Its categories include Laptops, mobile, cameras and accessories, and it plans to expand its categories in next few weeks.
Saptarshi Nath co-founder of Overcart said
“We will scale Overcart.com aggressively across the next 18 months. We have seen tremendous growth both in GMV and repeat users across the last 12 months – with around a third of customers repeat buying from us MOM due to the convenience, price, and peace of mind we offer. We plan to increase our penetration in tier 2 cities and beyond, where there is a massive pent-up demand for affordable electronics as well as an appreciation for high quality.”