MatexNet India, a business-to-business online auction company, expects to have transactions worth Rs 2,500 crore by the end of this year.
The Bangalore-based company started operations in 1998 with an initial capital of Rs 20 lakh. In two years, the value of transactions on its site is expected to touch Rs 4,500 crore.
MatexNet has two main functions — forward auction, comprising excess inventory liquidation, and reverse auction or online procurement of capital goods for companies. The latter is also called capital purchase.
“The e-auction market will provide a growth momentum in the coming years. As more companies are asking for a structured platform to auction commodities, the market, which is growing at a rate of 30 to 40 per cent, will become more organised,” said S. Jaganni Vasan, managing director of MatexNet.
The excess inventory market is estimated to be between Rs 60,000 and Rs 70,000 crore, which excludes non-performing assets (NPA) of banks.

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Posted: 09|12|07 at 11:08 am. Filed under: Asia.