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Overcart raises USD 3 mn from JSW Ventures, Omidyar, others

Press Trust of India  |  New Delhi 

Overcart, a startup providing returns management and liquidation services to e-commerce firms, today said it has raised USD 3 million (about Rs 20 crore) from JSW Ventures, Omidyar Network, Sattva Capital and Venture Works.

The company plans to invest in hardware and software innovations to diagnose, refurbish and quality check products across more categories and locations, it said in a statement.

"The capital will help us continue to place strategic bets on building out further hardware and software innovations which enable us to diagnose, refurbish and quality check products across more categories and locations," Overcart Managing Director and co-founder Alexander Souter said.

Badri Pillapakkam from Omidyar Network and Gaurav Sachdeva from JSW Ventures will join the company's board of directors, while Samir Shah from Sattva Capital will become a board observer.

It had previously raised funds from K Ganesh's Growthstory, The Phoenix Fund, Snow Leopard Ventures and GSF Superangels among others.

The company operates Overcart.Com - a marketplace for unboxed, refurbished, pre-owned and excess stock across all electronic categories.

It recently expanded into Mumbai and added consumer electronics to its product portfolio. Overcart also launched its own warranty brand -- Overtrust -- that provides walk-in product repair services in 55 cities across India.

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First Published: Fri, July 08 2016. 16:57 IST