Online store for pre-owned and refurbished goods, Surpluss has shut its operations because of internal business issues and demonetization, according to the MoneyControl report.
The Delhi- based company used to sell overstocked, excess inventory, unboxed (e-tailer returns), pre-owned and refurbished products, ranging from mobile phones and tablets to apparels and other consumer products.
“We had a B2C inventory model and the cost of running it was very high,” HS Bhatia, managing director of Surpluss confirmed shutdown to the media house.
Launched in July 2015, Surpluss started as a business-to-business channel, Bizpluss to supply inventory to offline retailers and to help them sell their stock. According to the research platform, Tofler, the company generated a revenue of close to Rs 26 crore in its first year of operation (2015).
Surpluss was selling refurbished products from brands such as Samsung, LG, Xiaomi, OnePlus, Xolo and HTC among others.
Besides Surpluss, many startups in the reverse logistics and re-commerce sphere are going through a tough time. Selling refurbished products in electronics and home appliances categories have become challenging as it require deep pocket coupled with falling prices of electronics.
The report also mentions that Karma Recycling, an online reverse logistics player for electronic products also has shrunk its operations. Unlike past, now the company focused only on selling and buying iPhones. In the beginning of this year, it shrank the consumer appliances business.