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IndiaMart Launches Korean Product Pavilion; Registers $2B Worth Transactions

Online B2B market place, IndiaMart has partnered with Korea Trade Investment Promotion Agency(KOTRA) to offer a dedicated Korean Products Pavilion section on its website. This will enable Korean Small and Medium businesses to host microsites or product catalogue pages on IndiaMart and generate leads from Indian buyers. The products from these pages would be included in in-site search results. The mutual partnership intends to promote bilateral trade between the two companies. IndiaMart will charge $500 as an annual fee from Korean sellers to list and promote their product offerings. KOTRA will help in verification of the sellers and collection of subscription fee. Interestingly, KOTRA also runs a site similar to IndiaMart in Korea.

At the time of the launch, the Korean Pavilion section hosts products from 19 registered sellers from Korea. IndiaMart and KOTRA target 100 more Korean sellers in the next two months.

According to IndiaMart CEO Dinesh Agarwal, the website receives 25 million page views from 3 million unique visitors, every month. It has 2 million registered suppliers out of which 1 million are from India. Although it offers free registrations and listings, to use other features like tracking leads, a paid subscription is required. IndiaMart has 30,000 paid users in India. It generates 0.8 billion business enquiries annually, and registers transactions worth $2 billion. The company clarified that subscription revenue is the only source of monetization and that it does not charge commission from suppliers. The top business categories include Engineering products, Apparel, Handicrafts and automobile products, among others. Top trading countries on the site include US, India, UK, China and Australia.

When asked if the country specific product page will be rolled out for other markets, Agarwal said that it would depend on the response that this section gets. He did not disclose the company’s annual turnover but said that it is experienciing growth in the 50%-60% bracket. IndiaMart has investments from BCCL(Times Group) and Intel Capital which had invested an undisclosed sum in 2009.

Related:
IndiaMART.com Expands Offerings With HSBC, Monster, CC Avenue; Platform Approach? ABC Payments?
IndiaMart CEO Dinesh Agarwal On Competition From Alibaba & TradeIndia, Revenue Streams; Auctions & Marketplaces
No Single Category Contributes More Than 10% To Our Revenues – IndiaMart CEO Dinesh Agarwal
IndiaMart CEO Dinesh Agarwal On Why The Upturn Made Him Raise Funds

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