Overcart, a company that provides returns management and liquidation services to major e-commerce companies, manufacturers, and retailers has raised its Series A round of funding. The company operates Overcart.com – a marketplace for unboxed, refurbished, preowned, and excess stock across all electronic categories.
The company recently expanded into Mumbai and added consumer electronics to its product portfolio. Overcart also launched its own warranty brand, Overtrust that provides walk-in product repair services in 55 cities across India.
The raise of 3 million USD comes from Omidyar Network, JSW Ventures, as well as Sattva Capital & Keshav Sanghi-led Venture Works. The company, which is using both software & hardware innovations to power its operations across Delhi NCR, Bangalore, and Mumbai will be using the capital to further expand its operational efficiency and reach.
“The capital will help us continue to place strategic bets on building out further hardware and software innovations which enable us to diagnose, refurbish and quality check products across more categories and locations,” according to Alexander Souter, Managing Director & co-founder.
Badri Pillapakkam from Omidyar Network and Gaurav Sachdeva from JSW Ventures will join the Board of Directors, while Samir Shah from Sattva Capital will become a board observer. Overcart had previously raised funds from K Ganesh’s Growthstory, The Phoenix Fund, Snow Leopard Ventures, and GSF Superangels among others.
“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 twelve 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,” said Saptarshi Nath, co-founder & Managing Director.
According to Gaurav Sachdeva, Managing Partner, JSW Ventures, "Overcart is focused on building a new-to-world back-end and adding innovative services. The team has managed to scale the business on positive economics while pushing the bar in operational & technological innovations."
Badri Pillapakkam from Omidyar added: “In a country where the GDP is just above $1,500, yet the average price of a new smartphone is $160, Overcart's certified, quality products come in to significantly increase the purchasing power of consumers who otherwise would not have access to these goods. The company's philosophy of putting quality first brings much needed transparency to an otherwise opaque 'buyer beware' market, while tapping into the massive demand for unboxed and refurbished goods.”