Okshan, India’s first and only B2B virtual marketplace, has forayed into the country’s used car market. Okshan connects 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 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. Once the transaction is done, Okshan will charge a simple commission on it.
On entering the used car business in India, Ranjeev Dahuja, Founder and CEO, Okshan said, “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 which is transparent, seamless and trustworthy.”
“There is still a huge gap in the organized used car market if we look at current C2B and B2C business models as most of the time deals don’t happen even after the auction because there was no real inventory. With the help of technology, we are aiming to organize the used car market to do more transparent transactions of cars between dealers and brokers. Okshan will bring transparency in their existing used cars business and the stakeholders can keep an eye on this hidden gem,” he added.
“New car dealers that used car business generate revenue but at the same time profitability is low. With our platform, they can reduce manpower related costs and increase their margins, bring efficiency in rotation and having outlets to sell cars from different states plus get expertise in evaluation of their cars,” he further explained.
At present, Okshan is operating in Chandigarh, Punjab, Haryana, Delhi, Noida and Ghaziabad. With over 150 employees, Okshan has so far signed-up over 3000 brokers and 200 new car dealers on its platform.
Going further, Okshan aims to achieve a pan-India presence. Anjani Mishra, COO, Okshan said “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 FY2021-22”.
Mishra further added that the platform’s target is to achieve 12,000-15,000 transactions every month nationally by the end of the first quarter of 2022. “Also, we will expand into South East Asian countries such as Indonesia, Malaysia, Vietnam and Thailand which are highly unorganized in the used car space.”