New Delhi, Feb 21 (IANS): PreLoved Device on Thursday announced that it has acquired Overcart, India's first marketplace for refurbished products.

Post this acquisition, Overcart, backed by JSW Ventures, Omidyar Network, Sattva Capital and Venture Works, will be operated under the PreLoved Device brand name. Gurugram-based PreLoved Device is an online marketplace for refurbised devices like mobile phones and laptops among others.

"PreLoved Device announced that it has acquired India's first marketplace for refurbished products Overcart in a cash and stock deal," a statement from PreLoved Device said. The company, however, did not mention the transaction amount involved in the deal.

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, it said.

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."

Founded in 2012, Overcart provides returns management and liquidation services to major e-commerce companies, manufacturers and retailers. It provides quality checks and certification, repair assistance and online returns management for their clients.

PreLoved Device entered in the refurbished market in 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.