Online marketplace Overcart has closed Series A investment led by K Ganesh's entrepreneurship platform GrowthStory.in with follow-on investment from GSF Superangels. This move may reinforce the growth of the e-commerce ecosystem in India.
Overcart helps businesses and large e-commerce companies manage their customer returns and liquidate their unsold stock directly to end-consumers and smaller retailers. This gives consumers access to products at liquidation prices while giving businesses better value for their stock and reducing their warehousing costs.
"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, founder of GrowthStory.in.
Overcart is different from traditional e-commerce companies as they reach both online and offline consumers. Online consumers can buy products directly through Overcart.com, while Overcart reaches offline consumers by supplying retailers directly through their large network and auction features.
Commenting on the development, co-founder of the company, Saptarshi Nath, "Our long-term vision is to completely replace the returns department of e-commerce and retail companies, we think of ourselves as a service provider, not a retailer. We fundamentally believe that a light tech-and-data based business can help companies find the best liquidation channels while ensuring consumers have access to high-quality products at drop-dead prices."
Besides, with the marquee investors on board, Overcart is well positioned to scale in step with India's e-commerce sector. The company points out that the funding will be used for the business growth as well as for strengthening its talent and technology.