Virtual marketplace Okshan on Thursday said it has forayed into the used car segment with the launch of a B2B model.
As part of the initiative, the company would connect new car dealers and used car brokers to enable buying and selling of used cars on its platform from the assured inventory on a real-time basis.
Unlike other auction websites and classified websites that are consumer to business (C2B) or business to consumer (B2C) driven, Okshan is one of its own kind of marketplace which facilitates transactions between business to business (B2B), the company said in a release.
The main USP of Okshan is that sellers can see real-time bidding and get an update when any consumer, dealer or broker lists a particular car on the platform, which is unlike any other platform in the country, it said.
Once the transaction is done, Okshan will charge a simple commission on it, it added.
“Being into both used car and new car business for over 27 years, I feel there is a huge opportunity in the used car market. But at the same time, it is having its own challenges. To solve this, we are bringing a technology-driven platform that is transparent, seamless, and trustworthy," Okshan Founder and Chief Executive Officer Ranjeev Dahuja said.
There is still a huge gap in the organised used car market for C2B and B2C business models as most of the time deals don't happen even after the auction because there was no real inventory, he added.
Currently, Okshan is operating in Chandigarh, Punjab, Haryana, Delhi, Noida, and Ghaziabad with over 150 employees. It has so far signed up over 3,000 brokers and 200 new car dealers on its platform.
"We are aiming to become the first go-to platform for any used car transaction that takes place in the market. Our initial target is to capture North India within the first quarter of the ongoing fiscal year and then achieve nationwide presence by the end of FY 2021-22," Okshan COO Anjani Mishra said.
The platform is targeting to achieve 12,000-15,000 transactions every month nationally by the end of the first quarter of 2022, she added.