Funds-money

Overcart, an online marketplace for used, refurbished/unboxed, and excess-stock products has raised $3 million in a Series A round, reports YourStory. Investors who participated in the round include JSW Ventures, Omidyar Network, Sattva Capital and Venture Works. The company plans to use the fresh capital in upgrading its hardware and software capabilities for product quality assessment across more categories and expand operations into more locations.

Apart from selling used/refurbished products, the company which was launched in 2012 by  Alex Souter and Saptarshi Nath, claims to helps businesses and large e-commerce establishments manage their customer returns and eliminate unsold stock by offering these products at marked down prices (liquidation prices) to consumers and smaller retailers. Overcart claims this helps businesses to reduce their warehousing costs.

The company currently focuses on the consumer electronics market in India and offers products like mobile phones, cameras, laptops & peripherals, consumer electronics, and accessories. Note that as of now smartphones and cameras are the company’s largest category. Overcart operates with a team of 120 people; headquartered in Gurgaon, it also has operations across Delhi NCR, Bengaluru and Mumbai.

Non-electronics: Interestingly, in May 2015, Overcart had introduced ‘Books and Media’ category on its portal, which was the first category outside of consumer electronics. At the time of books and media addition, the company had appointed Shish Rohil the co-founder of used books marketplace Madbooks, to help expand it into the non-electronics category.

Previous funding: Overcart raised an undisclosed amount in Series A investment led by K Ganesh’s GrowthStory with follow-on investment from GSF Superangels network in June 2014. This included IndiaMart founder & CEO Dinesh Agarwal, iXiGo founder & CEO Aloke Bajpai, GSF founder Rajesh Sawhney, GSF operating partner Rishab Malik and GSF’s Tara Bhargava. The platform had earlier received a seed funding of $25,000 from GSF, while being part of the accelerator’s first startup batch in October 2012.

Partnerships:  In April last year, Junglee started selling unboxed, factory seconds, refurbished and surplus electronic products such as mobile phones & tablets, cameras, TVs, refrigerators, and washing machines and had added Overcart.com and GreenDust as sellers on its platform. Shoppers are able to search for products by categories or directly look for products on offer from Overcart and GreenDust.

-In January 2015, Xiaomi held a flash sale for unboxed and refurbished RedMi 1S smartphones on Overcart.com. The unboxed RedMi 1S smartphones were sold for Rs 4,999 and the refurbished ones were sold at Rs 4,599 on the site