This column is authored by Rajan Sharma, Founder CEO, excess2sell
Excess2sell is an India-based B2B excess inventory liquidation platform catering to IT, Telecom, Home automation, Electronics, Security & new segments.
The business model works on a combination of Online Offline model with complete end-to-end solution, right from payment collection and logistics. The buyers and sellers get the best deal for their excess inventory while maintaining and ensuring ‘anonymity’ ,‘neutrality’ & ‘confidentiality’ for ‘sellers’ & ‘buyers’.
A Concept is Born
Flash back to the year-end 2015 , one tensed meeting room was filled with the discussion on how to ‘sell out’ the excess stocks which were lying in the company warehouse and at distributors’. The products were moving in Online and Offline retail, but the movement was slow and not as projected , the whole inventory planning was based on the excellent product sale which had happened during the mid 2015 and the material planning was done thinking that the festive times are ahead. The discussion moved from “How To” “How Much” to ‘Now What”.
And the thought was that situation should turn around for existing ecosystem stakeholders to anyhow liquidate this inventory! Was there any market which could manage this, was there any platform which could solve this for over 50 million B2B businesses in India!
Having seen the pain from both sides of the problem, looking at how unorganised the overstock excess ageing inventory problem was in India, a idea for B2B platform was conceived!
Thus the initial idea of a B2B “Excess Inventory Platform” was born, the idea was on discussion board on further 6 months and it took some time to firm up the working due to India’s massive geographical reach challenge and & multi states /central tax structure!
The leadership teams has over 60+ years of combined experience in execution which ensured the time to market & MVP was the fastest!. Rajan , Anant and Navinder who had worked together earlier at Smartlink (DIGISOL,DIGILITE & DIGITAB), D-Link, GIGABYTE TWN said good bye to the corporate career and started the journey of entrepreneurship. The parent company of www.excess2sell.com ie Checkers India Technology Pvt Ltd was incorporated in March 2016. The formal announcement of the market place was communicated in the month of May 2016 and with the announcement the buyer/seller registration and their on-boarding started. The Minimum Viable Product ( MVP ) was developed and tested in September 2016.
With over one year in the journey, from being at the stage of bootstrapped , the team size has now increased to a strong 15+. Onboarding businesses who constitute B2B buyers & sellers has been fast. Supply chain of sellers is getting better & better with many MNC & Distribution houses eager to explore the platform. Having caught the eyes of our peer groups we recently got seed funding from an individual investor.
The platform is looking at timely scaling up for GST regime which comes in effect soon, which will actually unfold the humongous US$30B excess overstock liquidation opportunity for a platform which liquidates excess overstock ageing inventory – confidentially, anonymously & neutrally for sellers & buyers.
Primarily focusing on IT, Mobility, Telecom, CE, Security & Home Automation, we have started adding new group categories like – Apparels, Lighting Solutions, Kitchen & Home.
The Road Ahead
At this stage we are looking for funds which will be primarily focused on achieving next level of growth post MVP with – talent acquisition, phase II platform development with focus on technology enablement, capital expenditure to equip field team for customer acquisition, outsource field activity to reach top 100 locations & 100K registered partners, virtual warehousing & logistics integration, meeting fixed operational expense, marketing & brand building across B2B & partner-to-partner avenues & being ready for post GST surge in platform acceptance as a Pan India Business2Business Aggregator.