Return-management solution and liquidation service startup, Overcart has raised $3 Mn in a Series A round of funding from JSW Ventures, Omidyar Network, Sattva Capital and Keshav Sanghi-led Venture Works. The startup is using both hardware and software innovations to power its operations across Bangalore, and Mumbai, in a bid to expand its operational efficiency and reach.
The Delhi-based startup, previously called Bootstrapp, helps businesses and large ecommerce companies manage their customer returns and liquidate their unsold stock directly to manufacturers and big retailers in the categories of mobiles, laptops, cameras, games and accessories. With an aim to increase its penetration in tier-2 cities and beyond, Overcart has come up with its own warranty brand, Overtrust that provides walk-in product repair services in 55 cities across India. Over and above, it has even added consumer electronics to its product portfolio.
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.”
The company had previously raised an undisclosed amount of funding from Bangalore-based serial investor Krishnan Ganesh, startup accelerator – GSF Accelerator, and a host of angel investors.
With a vision to revolutionise the returns department of ecommerce and retail companies, Alex Souther and Saptarshi Nath founded Overcart in October, 2012. Intending to capture the overstock segment in India, this startup offers to provide quality-check and certification, repair assistance and online return management to their clients.
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