Bangalore-based material exchange company MatexNet has announced the launch of two new business-to-business (B2B) portals, one for used vehicles and the other for surplus retail goods. | |
| MatexNet, a 10-year-old firm, conducts auctions for products such as metals, chemicals, IT hardware, transportation and other services. |
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| According to MatexNet MD Jaganni Vasan, the used vehicles division will facilitate e-trading of two, three and four-wheelers. The surplus retail division will deal with slow moving, readily available finished retail goods. |
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| "Our B2B transactions crossed over Rs 1,000 crore this year which is an increase of 150 per cent over last year's Rs 400 crore," he added. |
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| For the two new portals, the company claims to have tied up with around 3000 resellers across the country. |
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| MatexNet plans to invest Rs 6-7 crore annually in development of these portals, but will only part-fund the projects. |
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| "We are looking for suitable investors but only if they agree to back our plans to set up operations in Myanmar, Sri Lanka, Singapore and Dubai," Vasan said. |
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