Excess2sell Raises $1 Million In Latest Round Of Funding
25th, March 2020 - Startup funding
India’s Premier B2B Portal Gears Up To Achieve Revenue Growth Of Rs.2000 Cr By 2023
India’s largest online marketplace for B2B excess inventory liquidation - excess2sell.com has received a massive boost towards its expansion plans after raising a fresh round of investment funding of $1 million. The company plans to deploy the investment to ramp up its technological solutions for excess inventory liquidation in the B2B industry and further expand its growth across additional product categories. The company has sourced the funding through Private Equity investor Mr. Gautham Madhavan and as part of the development joins the company Board of Directors.
Mr. Gautham Madhavan manages a portfolio of companies and is a seasoned investor. Educated from Saïd Business School, University of Oxford, he takes a keen interest in multiple verticals with investments in Media & Entertainment, Merchant Banking, NBFC, Online Business & Real Estate projects. Mr. Madhavan is presently Director at Florintree (a growth-stage private equity company with investments in Gokaldas Exports, MTAR and CMS IT) and FedEx Group of companies.
“I am extremely excited to be part of the next phase of growth with Excess2sell. The founders have built a fantastic business over the last 4 years, and we look forward to accelerating growth over the next few years. We believe that Excess2Sell can leverage synergies with our portfolio companies and are confident of building a sustainable hyper-growth B2B e-commerce business. B2B business needs an in-depth industry experience and the know-how of the different markets, geographies and dynamics. I believe the company has the right talent, assets and is at the inflection point to scale up,” says Mr. Gautham Madhavan.
Excess2sell is looking to utilize the fresh infusion of finance towards enhancement of the technology to provide seamless and automated solutions on its platform, expand and gain a wider reach, connect more B2B partners from new verticals and assist them with the liquidation of their surplus or aging stock. The leading Indian excess inventory marketplace is spread across verticals including IT Hardware & Software, CE, Telecom & Mobility, Security & Surveillance, LED Lightings, Home Appliances, Lifestyle, and Accessories, among others.
“We are currently networked with 50 plus cities in India. We will be using the funds' infusion to grow and expand our footprint and buyer-seller ecosystem to 100+ cities, enhance our technology back-end along with expanding our product line, increase our liquidation transactions in the coming year and strengthen our commitment to serve our partners. The excess2sell ecosystem consists of partners in the B2B sector that includes manufacturers, wholesalers, distributors, dealers, and retailers who face a major problem when it comes to dealing with their excess inventory. This is where we pitch in to bridge the gap between the B2B sellers and buyers to connect them with each other and assist them to liquidate their overstock into cash. With liquidation opportunities from Large Format Retailers (LFR) players and big sellers from e-commerce marketplaces organized liquidation platform like ours has a huge potential,” says Mr. Rajan Sharma, Founder & CEO, Excess2sell.
“Excess2sell ecosystem is built to serve the post GST era which is founded on the concept of ‘One Nation, One Tax, One Platform’. Excess2sell believes in creating synergy between buyers and sellers and is looking to build and expand the company further from here and raise it to new heights while maintaining the multiples of growth accomplished so far. The company has grown at 150 percent CAGR since its inception in the year 2016. It has already liquidated excess inventory worth INR 2.23 billion to its B2B partners across India. The company is working towards achieving close to INR 150 crores in this financial year and has kept a revenue target of INR 2000 crores by 2023,” concludes Mr. Sharma.
About Excess2Sell: - Founded by Rajan Sharma, Navinder Chauhan & Anant Chaturvedi, Excess2sell is a technology-driven B2B marketplace that recently marked the successful completion of 4 years on 2nd March 2020. Ever since its foundation, the business is completely concentrated on solving the problem of overstock in the business-to-business space.
Excess2sell is available on all platforms as website and mobile app on Google Play Store and iOS App Store. It also has a dedicated Artificial Intelligence (AI) powered Smart Business Assistant in its mobile app to provide 24x7 virtual support for selling and buying to all its partners. It has a registered seller-buyer base of above 34,000 partners and roughly transacts 10,000 deals across 14 verticals in more than 500 categories of products. This is the only B2B portal in the market that ensures complete transparency in its transaction and function on the unique business model of CAN- Confidential, Anonymous and Confidential. You can learn more on www.excess2sell.com or www.Checkersindia.com
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