“We put 30 products for bid on an average in a day, price about Rs 50,000. The price of the products is borne by us and we will monetise the offering through digital advertising,”
The organization expects about $1.5-2 million (up to Rs 11 crore) revenues through advertisement displayed on the site in 2013-14 and has earmarked $1 million (about Rs 5 crore) for its promotion and marketing, he said.
The bidding process for a product is free and the user with lowest unique bid wins. These will be original branded products and will be shipped free of cost.
The company is targeting people in the age group of 18-45 for the website.
On demand for such sites in India, Bajaj said: “The trend is popular in India. About 30 such sites are operating in the country but these are all paid sites.”
The increasing amount of time spent by users online, especially for e-commerce, is pushing the popularity of bid sites, he added.
Gurgaon-headquartered ValueFirst, which has about 450 employees, has so far received $21 million in PE funding from NEA and Headland ventures.
The company, which has acquired platforms like mGinger, Indyarocks, way2sms and 160by2, in all has 25 million users.
How it works?
FullOnBids.com is a brand new and exciting bid platform that allows lucky bidders to win high quality, brand new products for FREE!!.
To participate and win at FullOnBids.com, simply follow these steps:
Register and create an account. You will receive unlimited free bids and it won’t cost you anything at all. Nothing to lose!
Select a product for which you wish to bid. Try to enter a unique and lowest bid for winning. During the auction, you can bid as many times as you want.
Post closing of an auction, if your bid is unique and lowest, you will be announced as a winner for that particular product and you will get it absolutely FREE!!! Simply, click on “Prize List” and claim.
If there isn’t any single unique bid then the winner is determined by the lowest and fastest bid. Where two or more unique bids have been quoted and one whoever bids first and the lowest, wins. The process keeps on repeating till the winner is decided.
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