Okshan Sets up India's Maiden B2B Used Car Marketplace

Okshan, a B2B virtual marketplace, enters into the country’s used car market. This platform 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.

Commenting on entering the used car business in India, Ranjeev Dahuja, Founder and CEO, Okshan says, “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.”

Okshan is one of its own kind of marketplace that enables transactions between the business to business (B2B), that is different from auction websites and classified websites that are C2B or B2C.

However, the main USP of Okshan is that the sellers could see real-time bidding and get an update when any client, dealer or broker lists a particular car on the platform, which is dissimilar to any other platform in the country. Also, once the transaction is completed, The Company would charge a simple commission on it.

Ranjeev further adds, “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 organise 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 further explains, “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.”

Presently, Okshan is operating in Chandigarh, Punjab, Haryana, Delhi, Noida and Ghaziabad. With more than 150 employees, Okshan has so far signed-up for about 3000+ brokers and 200 new car dealers on its platform.

Anjani Mishra, COO, Okshan says, “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”.

She further adds that the platform’s target is to achieve 12,000-15,000 transactions every month nationwide 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.”