Gurugram startup PreLoved Device acquires refurbished marketplace Overcart
Gurugram-based PreLoved Device, an online portal that sells re-commerce products like mobile phones, laptops, gadgets and accessories, has announced the acquisition of a Delhi-based marketplace for refurbished products, Overcart in a cash-and-stock deal.
Post this acquisition, Overcart, backed by JSW Ventures, Omidyar Network, Sattva Capital and Venture Works, will be operated under the PreLoved Device brand name.
Yogesh Bhatia, Founder, PreLoved Device, said,
“India is an important market for us and this acquisition will help in considerably scaling up our domestic business. With this acquisition, we will be able to leverage the technological capabilities and customer database that Overcart has built in the refurbished industry.”
“This investment aligns with our strategy and our goal is to contribute to India’s success story while growing our business across the country,” he further added.
With this acquisition, PreLoved Device aims to strengthen its position in second-hand and refurbished goods space. As a part of this transaction, the entire team of Overcart will be joining PreLoved and the company’s customer base and products will be migrated as well.
Founded in 2012 by Alex Souter and Saptarshi Nath, Overcart provides returns management and liquidation services to major ecommerce companies, manufacturers, and retailers. The company, which was valued at Rs 200 crore, works with leading businesses to liquidate their excess stock and return goods. It provides quality checks and certification, repair assistance and online returns management for their clients.
PreLoved Device entered the refurbished market in mid-2019, with the mission of creating a new experience of buying refurbished products for its aspiring customers. It belongs to the group that owns the Brand Detel, a brand that has launched economical TV and feature phones in Indian market. The startup claims that it has established an impressive customer base in less than a year with repeat customers.
(Edited by Evelyn Ratnakumar)