Overcart.com, previously knowned as Bootstrapp has raised funding from serial investor Krishnan Ganesh. Though the amount of funding has been left undisclosed, but K. Ganesh typically invests $500,000 and $2.5 Mn in early stage startups for a minority stake.
Founded in 2012 by Alex Souter and Saptarshi Nath, Overcart is an online marketplace for over-stock, unboxed, refurbished, and pre-owned products. It had previously raised $25,000 from GSF Accelerator, where it was incubated, and a group of angel investors.
Overcart’s business model is a mix between Overstock-.com in the US and China’s Alibaba. It is an online premium re-commerce company that helps customers buy and sell quality-certified, pre-owned, new, unboxed, refurbished, factory seconds, surplus, overstock and carton damaged products. One can find gadgets and video games from leading brands such as Apple, Samsung, Nokia, Kodak, and Nikon.
“While e-commerce has taken off quite successfully over the last few years, it is the derivatives of e-commerce, such as Overcart that are now taking off, and where one can expect the next wave of investments,” said Ganesh.
The company has recently launched a new and responsive web theme that works well on mobile and tablet devices, it gets over 30% of its visitors from mobile.
This investments is made through K.Ganesh and his wife and co-investor Meena’s investment platform GrowthStory. K Ganesh will be joining the Boards of the company.
K Ganesh is also an investor in ecommerce firms BlueStone andBigBasket.
