Agriculture auction and procurement portal MktYard.com , a wholly-owned subsidiary of National Collateral Management Services, registered over six times increase in e-auction on its platform to ₹100 crore in the first half of this fiscal. The sharp rise in e-auction has made the company operationally profitable for a quarter in this period.

Various government agencies from Madhya Pradesh and Rajasthan have benefited by using the MktYard.com e-auction platform. In the second half of this fiscal, e-auctions will also begin for government agencies in Andhra Pradesh, Punjab, and Orissa, said the portal in a statement.

Benefit to farmers

E-procurement of paddy for the Food Corporation of India in Jharkhand and Uttar Pradesh was carried out successfully. Total e-procurement transactions crossed ₹500 crore. Over 50,000 farmers benefited with payments being made into their bank accounts within 24 hours of procurement. The portal has developed procurement facility for private companies and this is expected to become operational soon, it said.

With additional features, MktYard.com expects to get more private sector buyers and sellers on board, in addition to the banks and government organisations.

Bhuvan Atluri, CEO, NCML Mktyard.com , said the sharp growth in revenues has encouraged the company to develop new products such as order-matching in e-auctions.

“The order-matching facility will bring buyers and sellers closer to their price bids, while ensuring utmost price transparency and will be a segment-first when introduced,” he added.

The e-auction platform has seen an increasing number of banks tying up with MktYard.com and come on-board. UCO Bank and Indian Bank are the latest banks to use MktYard.com ’s services, taking the total to over ten banks.

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