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Thursday, August 12, 1999
CHENNAI-BASED Cyber Commerce Pvt. Ltd., a soon-to-be subsidiary of the San Jose-based Cybernet Software Systems, Inc. has launched India's first Web site for auction and sale of industrial assets such as machinery, plant or total factories and businesses. The site can be accessed at www.auctionindia.com.
The site uses a proven auction software developed by its associate, Cybernet Software Systems, an Indian-owned software start-up in the US, in which Barings Private Equity Partners has picked up a 20 per cent stake. Cybernet will soon be a controlling stake holder in Cyber Commerce.
AuctionIndia presently offers free listing to buyers and sellers of plant, equipment, and machinery, in which they are encouraged to provide detailed information as well as photographs. The site provides free access to all users.
According to Mr. C.E. Karunakaran, Co-promoter of Cyber Commerce, the auction will be kept open on the site for a few days, during which bidders can visit the site and place their bids competitively. The bid history and the current highest bid will always be seen on the screen.
The software also allows bidders to bid up to a pre-determined value.
The potential offered by this site for future growth in business volume can be seen in the revenue projections given by the company. Mr. Karunakaran said that the site hoped to generate a revenue of Rs. 5 crores in three years.
But auction on the Net is yet to make a beginning in India. In the US, Internet auction is
very popular, and according to Mr. R. Shiv Kumar, Vice-President, Cybernet Software
Systems, auction on the Internet helps prices find their true market level by increasing the efficiency of information transfer and by reaching a wider audience.
Mr. Shiv Kumar said that a lot of foreign venture capitalists had expressed keen interest in funding the growth of Cyber Commerce. Mr. Karunakaran said that the funds would be mainly required for marketing activities, as the site had to be promoted initially through the print media.
Though Mr. Karunakaran intends to focus on the auction of industrial assets through his site, he said that his site could also be used as a platform for the auction of other items such as antiques. |
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