Auction portal to expand presence

MatexNet (Material Stock Exchange), a portal for auction of industrial goods, on Tuesday, said that the company plans to increase its footprint.

The company aims to grow from the present 12 centres to 43 centres by December 2006 and also plans to enhance its capacities across all its business divisions and expects the company's platform to facilitate transactions worth Rs. 2,500 crore by 2007.

The company which transacts Rs. 400 crore through internet was initially funded by ICF Ventures and has been profitable for the past years. The company's revenues come from a lump sum fee for the software use as well as commission on completion of the sale of goods.

Matex is located in 12 cities and nearly 400 large and mid sized corporates including L&T ECC, Mico, Bajaj Auto, Sterlite, Mumbai Port, BEL use its technology platform and specialised services.

Nearly Rs. 200 crore of auctions have been made over the Matex Internet platform over the past year.