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E-com marketplace for refurbished products Overcart.com raises funding from K Ganesh, others

By Sainul K Abudheen

  • 24 Jun 2014
E-com marketplace for refurbished products Overcart.com raises funding from K Ganesh, others

Delhi-based Exit10 Marketing Pvt Ltd, the company behind Overcart.com, an e-commerce marketplace for over-stock, unboxed, refurbished and pre-owned products, has secured an undisclosed amount in funding from serial entrepreneur K Ganesh and wife Meena, besides a few other individuals.

The capital will be used to add more categories to its platform and also for geographic expansion, its co-founder Alex Souter told VCCircle. “We currently sell/buy only smartphones. We are now going beyond this category, and looking to partner directly with the warehouses of retailers,” said Souter.

The company was founded in 2012 by Franco-Scottish national Souter and Saptarshi Nath – both previously worked at global consultancy firm CEB. While Souter holds an MSc degree from University of Edinburgh, Nath is an alumnus of Delhi School of Economics.

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Overcart was originally started as a direct consumer-focused e-commerce company, before pivoting to the current model. An online re-commerce platform, Overcart helps customers buy and sell quality-certified, pre-owned, new, unboxed, refurbished, factory seconds, surplus, overstock and carton-damaged products.

The firm buys/sells gadgets and video games from leading brands such as Apple, Samsung, Nokia, Kodak and Nikon. Overcart claims that its platform gets 500-1,000 orders a day. 

A GSF startup, the firm had previously raised $25,000 from the accelerator, with participation from a few angel investors, including InMobi’s co-founder and CEO Naveen Tewari, One97 Communications founder Vijay Shekhar Sharma.

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“I have been observing Overcart for over a year. Their persistence and tenacity to be able to maintain the focus, coupled with their flexibility to pivot, has promoted us to invest in the firm,” said Ganesh.

There are a couple of more e-commerce companies operating in the refurbished products space in India, including GreenDust, and gobol. Delhi-based Greendust had raised $40 million in funding from Vertex Venture Holdings, Kleiner Perkins Caufield Byers (KPCB) and Sherpalo Ventures in 2012.

(Edited by Joby Puthuparampil Johnson)

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