B2B online auctioneer FreeMarkets,
Inc. Tuesday set up shop in India, following up on last month’s initial
landing into Asia.
FreeMarkets (FMKT)
aims to leverage India’s talent pool for continued development of its industry-leading auction technology, as well as provide auction access to India-based industrial buyers.
The auctioneer introduced its services in Hong Kong and Singapore last
month, with a focus on industrial buyers based in China, Hong Kong,
Singapore, Korea, Indonesia and other Asian markets. The new sites expect to
woo Asian suppliers of industrial parts, raw materials, commodities and
services.
“The establishment of our Indian operations is further evidence of our
continued investment in a global infrastructure to support the ever-growing
number of clients we serve and suppliers who participate in our online
auction marketplace,” said Glen Meakem, FreeMarkets chairman and chief executive officer.
“A great deal of research is required to manage a
high-quality database of suppliers. Providing these services at a low cost
from India will enable us to significantly scale our business.”
FreeMarkets also moved its European operations to Brussels, Belgium earlier
this year.