MatexNet launches B2B portals

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.

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.

"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.

For the two new portals, the company claims to have tied up with around 3000 resellers across the country.

MatexNet plans to invest Rs 6-7 crore annually in development of these portals, but will only part-fund the projects.

"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.