Refurbished devices platform PreLoved Device has acquired Overcart, an online platform that sells refurbished and pre-owned mobile phones, laptops, gadgets and accessories, in a cash and stock deal. The terms of the transaction were not disclosed.
Backed by early stage investors such as JSW Ventures, Omidyar Network, Sattva Capital and Venture Works, Gurugram-based Overcart had raised more than $3 million over multiple funding rounds prior to the acquisition. The company last raised $3 million in a Series A round from JSW Ventures, Omidyar, Sattva Capital and Venture Works in 2016, and an undisclosed amount in 2014 from K Ganesh’s GrowthStory, The Phoenix Fund, Snow Leopard Ventures and GSF Superangels, a company spokesperson said.
It couldn’t be immediately ascertained whether Overcart’s investors have written off their investment in the company or have acquired stakes in PreLoved Device as part of the acquisition deal.
Email queries to JSW Ventures, Omidyar, Sattva Capital and Venture Works didn’t elicit responses at the time of publishing this report.
Overcart, according to a spokesperson for Gurugram-based PreLoved Device, shut down operations in 2018 and was acquired by the latter last month. Following the acquisition, Overcart’s 30-35 employees will move to PreLoved Device as will its customer base and products, said a statement.
PreLoved Device, according to the same spokesperson, is a bootstrapped startup and entered the refurbished market in mid-2019.
“India is an important market for us and this acquisition will help in considerably scaling up our domestic business. We will be able to leverage the technological capabilities (and) the customer database that Overcart has built in the refurbished industry,” Yogesh Bhatia, founder, PreLoved Device, said.
Exit10 Marketing, which owns and operates Overcart, was founded in 2012 by consulting firm CEB colleagues Alex Souter and Saptarshi Nath. The firm provides returns management and liquidation services to ecommerce companies, manufacturers and retailers.
Other M&A deals this month
Shriram Automall India, a sister concern of online automobile marketplaces CarTrade and CarWale, acquired its peer BlueJack.
Passion Connect, a human resources services unit of venture capital firm Blume Ventures, acquired internet industry-focused executive search services company Basil Advisors.
Goldman Sachs-backed home rental company NestAway acquired apartment management solutions platform ApnaComplex.
Property listing portal NoBroker acquired apartment management solutions firm Society Connect for an undisclosed amount in an all-cash deal.