Delhi-based Greendust, which up till yesterday used to offer customers and bulk buyers the option to purchase unused, branded factory seconds, surplus, overstock, and refurbished products, has now changed its business model from business-to-commerce (B2C) to business-to-business (B2B) model, reported VCCircle.com citing a top executive from Greendust.
Greendust’s desktop website is already nonfunctional with the product listing categories removed and soon a a new revamped website will be launched.
According to the report, it was around 8-9 months ago when the company has made changes and is in process of moving away from an inventory-led model to a firm focused on technology-enabled services and solutions in reverse logistics.
The company will continue to provide liquidation-as-a-service (selling returned and refurbished goods) to its partners without taking inventory ownership. In other words, the company may go back to square one, as a pure-play reverse logistics firm, said the report.
With $30-50 million in total funding to date, Greendust is the highest-funded re-commerce platform in India that counts Lightbox, Vertex Ventures, Kleiner Perkins, an American VC firm, and Reliance Venture Asset Management among its investors.
Founded in 2008 by Hitendra Chaturvedi, Greendust hasn’t raised any funds since 2014, when it last raised $1.88 million in venture debt from Innoven Capital.
Greendust is followed by another re-commerce startup, Cashify, which has raised $17.81 million in total funding, making it the next most-funded startup in the segment.Earlier this month, Cashify acqui-hired Teksolvr, a Chandigarh-based gadget repairing company with physical presence in Chandigarh Tricity, to expand its express screen repair services called Cashify’s ScreenPro.
Besides Cashify, GreenDust competes with Overcart, Togofogo, and 2gud, a subsidiary of Flipkart launched in August last year.
[Top Image – Hitendra Chaturvedi, Via – NextBigWhat.tv]