B2B Auction Site MatexNet Draws Up Expansion Plans

EFYTimes: MatexNet (Material Stock Exchange), a portal for auction of industrial goods, is planning to increase its branches from the present 12 centres to 43 centres, nationwide, by December 2006. According to MatexNet Director S Yogeshwaran, a leader in B2B online transactions, the company aims to enhance its capacities across all its business divisions by hiring over a 100 people to man the upcoming centres. The company hopes its platform to facilitate transactions worth Rs 2,500 crore by 2007, he added.
Over the past year nearly Rs 200 crore of e-auctions have been made over the Matex Internet platform. The company is also thinking of a joint venture with a UK based $2 billion fund to set up a services company. The company was initially funded by ICF Ventures.

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