MatexNet set for major expansion

Bangalore, June 27: MatexNet, the country's first on-line material exchange company in B2B space, will be setting up two new business verticles-- Used Vehicles and Surplus Retail Goods.

While the Used Vehicles Division would be a common B2B platform for vehicle e-trading, the Surplus Retail Division would facilitate and deal with the slow moving, readily available finished retail goods from its 28 locations.

Briefing newspersons on the new initiatives, company Managing Director S Jaganni Vasan said MatexNet had been in forefront of B2B for more than a decade and conducts auctions for products and services as varied as copper, chemicals, desktops, human hair and transportation service.

The company's B2B transactions had crossed more than Rs 1000 crore this year with an increase of 150 per cent over Rs 400 crore last year, he said.

MatexNet Director Yogeshwaran said the division for used vehicles would fulfil the specific needs of BPOs, Airlines and Travel Bureaus when they want to dispose their existing fleet of vehicles in bulk to replace with other models.

''The total addressable market in India for used vehicles is huge and this is where MatexNet aims at garnering a major share,'' he added.

UNI