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CHENNAI -BASED Auctionindia.com expects to break-even by the end of this calender year.It targets Rs 100 crore in auction volumes by the year end, said Mr. CE Karunakaran,Managing Director, Cyber Commerce Private Limited (the company that hosts Auctionindia) The fees range from 2.5 percent to six percent depending on the nature of goods auctioned and type of auction. Till date, it has executed about 42 auctions valued at Rs. 10 crore.
Auctionindia is looking to tie up its second round of funding. It is also open to a strategic partner to add value to its business, added Mr. CE Karunakaran. Currently, it is funded by Cybernet Software Systems Pvt Ltd, its parent company.
The outfit is expecting significant revenues from renting out its auction engine. The engine can be used for other auction sites and companies for e-business. Its auction engine has won the Lotus Beacon Award for best e-business solution in the area of supplier relationship management for delivering applications that extend a customer's business effectiveness through the internet.
In addition to regular auctions, reverse auction facilities is offered by Auctionindia. Recently, a reverse auction was conducted for Hindustan Lever Ltd. that led to substantial cost saving for Levers, said company officials.
Auctionindia is putting in place a substantial offline presence. It plans to have 12 offices and 50 franchises across the country. |
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