BANGALORE : MatexNet, a leader
in B2B online (internet) transactions, dealing in the sale of surplus
and non-moving inventory and equipment for corporates, on Tuesday,
announced that it plans to increase its branches, from the current 12
to 43, nationwide, by December 2006.
"Our
expansion would help us increase our reach to the smaller
towns/cities," said MatexNet Director S Yogeshwaran. The company also
plans to hire over a 100 people to man the upcoming centres.
The
company, originally engaged in selling surplus inventory through its
Online Liquidation Program, has recently added more products to its
online basket. One such is tender management and reverse auction
activity. Carried out through MatexNet's E-Tender platform, where the
company rents/sells a tender management and processing software
platform to a corporate customer for a lump sum fee, a setup fee, as
well as a commission on completion of the sale of goods via the net.
NPA companies
The
reverse auction facility reduces a good three to four months work to a
matter of a few weeks as the entire process of a physical auction is
eliminated.
An
extension of selling non performing assets (NPA) for companies, the
company also entered the bank NPA business in early 2004, helping
banks realise cash from their NPA's through sale or through an Asset
Reconstruction Company (ARC). The company so far, has transacted over
Rs. 400 crore through the Internet. "Of this, nearly Rs. 80 crore has
come from PSU transactions. Close to 600 serious players transact each
day using MatexNet. Clocking a daily transaction figure of almost one
crore" said Mr. Yogeshwaran.
By end of
financial year, the company expects and additional business of
Rs. 200 crore. And by end 2007, MatexNet hopes its online transaction
would touch the Rs. 2500 crore mark. In the pipeline is a proposed
joint venture with a UK based US$ two billion fund, to setup a
services company.
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