 Classifieds |  Post and  Browse ads from various other categories |
|
|  | The Economic Times
You are here:Home > Press > The Economic Times
|
Admist the increasing list of failing dotcoms, Cybernet Software System group company Auctionindia seem to be bucking the trend. With a massive increase in auction volumes, the company is all set to break even this year. What more, the company has been able to rope in biggies including HLL and BHEL as clients. Auctionindia recently helped HLL bag an electrification contract for its Assam Plant for around Rs. 1.13 crore which is almost 30 percent less than the MNC's initial plans.
Not just auction, the company plans to garner major revenues from licensing its auction engine which recently won the Lotus Beacon Award for best e-biz solution in the area of supplier relationship management.
Wipro's 01markets.com is being currently powered by Auctionindia's engine. "We are also in talks with few others for leasing out our auction engines" said Mr Mani P Sam,Executive Vice President,Cyber Commerce in Chennai on Tuesday. Cyber Commerce launched Auctionindia.com in December 1999.
"On the auction front, last year, we conducted 42 auctions worth Rs. 10 crores. This year (2001) we expect to conduct auctions worth Rs. 100 crores" said Mr. Sam added. The company makes 2.5-6 percent per transaction based on the product transacted. Apart from HLL, its auction clientele Tata Steel, TVS Group, Ashok Leyland and L & T.
The company also has plans to bring in partners for raising funds. " We have a number of options for raising funds and we need to decide on the strategic partner,"said C E Karunakaran, Managing Director, Cyber Commerce. As of now, the company has been completely funded by the parent company. |
|
.gif)
Search