Refurbished products marketplace – Overcart, has raised $3 million in its latest funding round from JSW Ventures, Omidyar Network, Sattva Capital and Venture Works.
The fund will be invested by the company in hardware and software innovations to diagnose, refurbish and quality check products across more categories and locations.
Badri and Gaurav Sachdeva of JSW Ventures will join the Board of Directors, while Samir Shah from Sattva Capital will become a board observer.
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.
Having a team of around 120 people, Gurgaon-based Overcart is currently using both software and hardware innovations to power its operations across Delhi NCR, Bengaluru and Mumbai.
The startup, which was previously called Bootstrapp, helps businesses and large eCommerce companies manage their customer returns and liquidate their unsold stock directly to manufacturers and big retailers. It works 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 recently launched its own warranty brand – Overtrust, that provides walk-in product repair services in 55 cities across India.
The company had previously raised an undisclosed amount of funding from Bangalore-based angel investor Krishnan Ganesh, and other angel investors. It was also a part of GSF Accelerator’s first batch of startups.
Badri Pillapakkam, Investment Partner, Omidyar, said,
In a country where the GDP is just above $1,500, yet the average price of a new smartphone is $160, Overcart’s certified, quality products come in to significantly increase the purchasing power of consumers who otherwise would not have access to these goods. The company’s philosophy of putting quality first brings much needed transparency to an otherwise opaque ‘buyer beware’ market, while tapping into the massive demand for unboxed and refurbished goods.