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mRube, the online marketplace of Rubber Board, has posted ₹105.55 crore turnover in its first year of operation, ever since its inception in just 160 days.
It traded 8,11,700 kg of rubber during FY23 under 594 trade contracts. During FY24, the Board targets a trade turnover of ₹500 crore in mRube, said Binoi Kurian, Deputy Director (Marketing), Rubber Board. Exclusive financial products offered by Federal Bank are in the offing and there are also plans to onboard a maximum number of Rubber Grower Societies, especially in the North Eastern part of the country in the current fiscal, he said.
Through mRube, he said marketing difficulties faced by growers in remote places in the northeastern States will be resolved and growers will able to fetch remunerative prices. The Board is planning to bring out a revised version of mRube with added features in H1 FY24.
Also read: Rubber Board’s e-market mRube trades 1,000 tonnes in 60 days
The project, he said, has been conceptualised with the objective of bringing transparency in rubber trade and improving market visibility. The Board developed the mRube portal to keep abreast with technological advancements in commodity marketing and for hassle-free trade in rubber. This technology-driven system has made remarkable interventions in strengthening the existing value chain for rubber.
mRube is the first of its kind online market for any plantation crop in India, wherein buyers and sellers could bid for spot trade. It has got inbuilt features for negotiating prices, trade terms, delivery conditions, quality features, etc. As many as 1,495 members had so far on-boarded in the e-market, which comprises of Rubber Producer Societies, manufacturers from tyre and non-tyre sectors, rubber dealers, processors, and estates.
Also read: Natural rubber farming needs to spread far and wide beyond Kerala: Rubber Board Chief
The Board envisioned this e-market as a game changer in rubber trade, wherein the upstream and downstream sectors will be directly connected.
mRube set a classic example of effective marketing intervention in commodity trading. The Board has positioned the e-market as a trade system for strengthening the domestic supply chain and modernising the conventional market system.
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