MatexNet plans used vehicles exchange

MatexNet, the first internet-based material exchange company in the country, is in an expansion mo-de and is launching used vehicles and surplus retails goods verticals.

The used vehicles division will be a common e-trading platform for used vehicle trading, the surplus retail division will trade in the slow moving, readily available finished retail goods.

The Bangalore-based company has been in B2B for over a decade and conducts auctions for products and services as varied as copper, chemicals, desktops, human hair and transportation services

Mr Jagannivasan, managing director, MatexNet, said, that the company had transacted about Rs 1,000 crores business through the Internet and “we would continue to explore new opportunities in the e-trading platform.”

“We are in talks with a companies providing transportation service to the IT ITES and SME sector, which dispose of their vehicles after 3-4 years. We are confident that we can bring them on our platform and make them available to the customers,” he added/

The company is aiming to reach 400 cities in the next one year.