Mumbai, May 2020.
India’s largest online marketplace for B2B excess inventory liquidation - excess2sell.com has resumed operations after the relaxations on lockdown came into effect for specific industries. Within a span of two weeks the company has managed to recover 30 per cent of its pre-lockdown business and is witnessing a spike in new registrations of B2B players on its online platform. The company is presently witnessing inventory liquidation demand in IT related products including laptops, routers and anti-virus solutions which accounts for a majority of its transactions. The company is receiving most of its transactions from Mumbai, Pune, New Delhi, Bangalore, Hyderabad, Kolkata, Raipur and Gurugram while also covering over thirty other locations across India.
“Even under normal circumstances, unsold inventories are a major challenge and are estimated to be 20 per cent of the total inventory in normal course of businesses. However with the lockdown of almost 60 days, there definitely is a sudden surge in the unsold stock and we expect this to be the new normal in terms of businesses being conducted in B2B segment. Other than in computers, IT, broadband, mobility we are also seeing a lot of transactions in essential items like hygiene products including sanitizers, masks and PPEs, among others,” says Mr. Rajan Sharma, Founder & CEO, excess2sell.com.
Days before the nation went into a complete lockdown on account of the COVID-19 pandemic, excess2sell.com had raised a fresh round of investment funding of $1 million.
“We have also witnessed new products being listed in FMCG, stationary, toys and hygiene. With the country continuing to remain in lockdown, we anticipate a surge in these products considering the issues in the current supply chain. We lost roughly 50 percent month-on-month business since the lockdown but the year ending FY20 we were able to clock 100 percent growth in our sales revenue. Looking at the current situation and the increase in new registrations we are anticipating a quick recovery and are very likely to meet 500-crore sales revenue target in FY21,” adds Mr. Sharma.
Excess2sell.com creates synergy between buyers and sellers while maintaining confidentiality, anonymity and neutrality. The company has grown at 150 per cent 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.
“New buyers and sellers are showing interest on our online platform and are looking at alternate ways of doing business in the immediate post lockdown phase. This, we believe, will help us recover whatever revenue or transactions we lose during the lockdown period. We have clear focus on conserving capital and talent; and cutting expenses by reviewing short term and long terms plans. Despite the setback, we are working towards achieving close to INR 150 crores in this financial year and are maintaining a revenue target of INR 2000 crores by 2023,” concludes Mr. Sharma.