PreLoved Device announced that it has acquired India’s First 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.
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.
Commenting on the same, Mr. 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, customer data base 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.
Founded in 2012 by Alex Souter and Saptarshi Nath, two colleagues from the consulting firm CEB, Overcart provides returns management and liquidation services to major e-commerce companies, manufacturers and retailers. The company which was valued at Rs 200 crore works with leading businesses to liquidate their excess stock and returned goods. It provides quality checks and certification, repair assistance and online returns management for their clients.
PreLoved Device entered in the Refurbished market in Mid-2019, with the mission of creating a new experience of buying refurbished products for its aspiring customers. The brand has established an impressive customer base in less than a year with repeat customers, which exhibits the trust built by customers in the brand in the Indian market.