MatexNet Plans To Get 20% From eDisposal Business

MatexNet is setting up two new portfolios of surplus retail and used vehicles, in addition to its earlier business of selling scraps online. The Indian B2B inventory management company is planning to invest around Rs 15 crore to integrate latest technologies for the new ventures which the company is planning to launch within 3-4 months.

MatexNet has powered its Online Liquidation Programme to sell excess inventories utilising the power of the Internet. Inventories are categorised and offered online to buyers through an online auction which helps the sellers get maximum price. The online process ensures that buyers across the country can participate in an auction irrespective of the place where the seller is located.

According to S Jagannivasan, founder and managing director, MatexNet, “Our Surplus Retail Division will enable manufacturing companies, wholesalers, distributors, dealers, retailers and importers to buy or sell products in bulk across various product categories to a wider market reaching more buyers.”

MatexNet has a customer base of 400 large enterprises and 3000 SMEs. The company intends to expand its presence from 28 cities to 52 across India. For its used vehicle division, the company is targeting the tier 1 and tier 2 markets and will cover around 400 towns across the country.

Informs Jagannivasan, “The market for disposals including scraps, raw materials, spare parts and others values around Rs 1000 billion, so we are targeting to get a market share of 20% of it. For the used car division also, we are targeting a 20% market share within the IT, ITES and BPO industries.”

Specialising in vehicle e-trading, this division is engaged in bringing together the sellers and bulk buyers of commercial vehicles, farm equipments, two-wheelers etc from across the country to a common platform thereby saving considerable time and effort for the clients. MatexNet’s E-Procurement Division is involved in conducting online receipt of quotes and regular Reverse Auctions for procurement of inventories and services.