There are now but several platforms in India that let customers buy used cars or sell their own, however, the same market for dealerships or independent brokers had been an unorganised affair so far. This is where Okshan steps in, India’s first B2B marketplace for used cars. It promises smoother transactions that are more transparent. And so, to understand how, we got in touch with Ranjeev Dhauja, Founder and CEO, Okshan.
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. 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. Once the transaction is done, Okshan charges 2.5 percent from both parties.
At present, Okshan is operating in Chandigarh, Punjab, Haryana, Delhi, Noida, and Ghaziabad. With over 150 employees, Okshan has so far signed up over 4,500 brokers and 200 new car dealers on its platform.
Okshan promises 100 percent verified cars that go through a 200-point checklist. Dhauja also tells us that Okshan has had a 95 percent success rate in terms of converting interest into a sale which had been as low as 15 percent in the unorganised B2B market which also includes cash transactions. And this is the other benefit Okshan states it has, the transactions are all digital, hence improving transparency.
The app-assisted marketplace aims to expand to pan India and onboard over 2 lakh subscribers by 2025-26.
Okshan’s 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. The platform’s target is to achieve 12,000-15,000 transactions every month nationally by the end of the first quarter of 2022. The company also aims to expand into Southeast Asian countries such as Indonesia, Malaysia, Vietnam and Thailand.
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