Matex's E-auction biz turns trash to treasure

CHENNAI: Matex Technologies, a pioneer in B2B e-auctions, has quietly built a powerful digital platform that transforms surplus assets — from solar cells to windmills — into revenue. The Chennai-based company, which turned 30 recently, has conducted over 6,500 e-auctions yearly, catering to more than 20,000 vendors across 70-plus categories and 69,000 products.

From auctioning off a five-screen multiplex and Bharat Electronics’ housing blocks to disposing of high-value assets like Wartsila DG sets and Linde equipment headed to Madagascar, Matex has made a mark not just in India but globally. Nearly 30 of its 80 factory sale deals have been closed in south India alone.

Managing director Yogeshwaran Sundaresan reflects on the company’s journey: “We started as a bulletin board service with the ambition to be India’s material exchange. Today, we conduct 20–30 auctions daily, helping businesses with procurement, disposal, and monetisation of assets.”

Matex, which began operations in the pre-internet era, was founded by S Jagannivasan to digitise commercial transactions. It has since evolved into a full-suite tech platform, posting a 20 per cent revenue growth in FY25 and surpassing a gross merchandise value (GMV) of Rs 8,500 crore.

As the firm is eyeing aggressive expansion, it has onboarded former Roca India MD KE Ranganathan as director to drive this next phase of growth. “Matex has hit a sweet spot in the B2B digital space,” he said. “With products like Valuetek, Proctek, Transtek, Surplustek and Retailtek, we help companies address procurement and sales inefficiencies.”

He added Matex’s platform provides CFOs with significant cost savings, thanks to its transparent, auditable process — a key advantage in a circular economy. “Our goal is to launch two products a year and identify niche sectors that can benefit from our approach,” he said.

Among Matex’s recent innovations is Clustertek, a platform created six years ago to serve industry clusters. “By bringing/organising big and small players into a forum, we enabled collective procurement. This not only helped standardise rates, but also gave smaller enterprises access to marquee brands,” said Sundaresan. For instance, 35 foundries in Coimbatore used Clustertek to collectively procure 5,000 tons of ferrous and non-ferrous materials for their business.

Matex is also exploring acquisitions of boutique firms in the Rs 10–15 crore range in cities like Chennai, Hyderabad, and Bengaluru. “With a presence in 15 Indian and six global locations, we are preparing to either go public or seek private equity to fuel our next phase,” said Ranganathan. The target: crossing Rs 10,000 crore in GMV in the next two to three years.

As it builds on decades of experience in asset disposal, surplus management, and NPA liquidation, Matex is positioning itself as a strategic enabler for India Inc — helping companies turn scrap into sustainable business gains.