Electronic market under Rubber Board crosses ?330 crore turnover

April 04, 2024 07:04 pm | Updated 07:04 pm IST - KOCHI

The electronic market promoted by Rubber Board under the brand mRube has traded natural rubber worth ?332.81 crore till the end of March this year with a total of 24,487 tonnes being sold under 1,369 contracts. The electronic market was launched in early June 2022 with a view to promote direct buyer-seller transactions and to increase the transparency, ensure quality and visibility for the product.

A farmer, a producer or an end consumer in any part can engage with a buyer or seller of his choice based on the contracts entered into on the platform. In case any party requires a quality certification, Rubber Board offers the service for a fee on request, sources in the Rubber Board said.

They said that mRube is being promoted as a strategy for improving the efficacy of the domestic NR supply chain with improved market visibility and transparency in trade. As on date, 1,955 dealers/processors and manufacturers comprising tyre and non-tyre manufacturers have on-boarded this platform. mRube had traded rubber worth ?108 crore during its first year of operation and has recorded more than 200% growth rate in its second year of operations.

The e-market was developed by the Board to keep pace with the technical advancements in commodity marketing and for hassle-free trade in rubber. This is the first of its kind online market for any plantation crop in India where buyers and sellers can bid and negotiate for spot trade. mRube has been instrumental in strengthening the NR trade system in India by offering a border-less trade system and better market accessibility.

The e-market place is based on the model of some of the other successful online platforms and is enabled with inbuilt features like systems for negotiating price, trade terms, delivery conditions, quality features etc. Trading of various grades of natural rubber is possible through this mechanism.

Besides, establishing trade links in new markets, personalised trade pages, filtering options to list buyers/sellers according to geographical area/grade of rubber, mechanism for certifying the quality of rubber, escrow account for covering risk of buyers/sellers, legally valid OTP based contracts, customer ratings, generations of MIS reports, interest free advance facility for sellers through the escrow account and data security are some of the unique features of this platform, Board sources added.

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