ValueFirst launches Fullonbids.com
New Delhi: Digital media firm ValueFirst on Tuesday announced the launch of Fullonbids.Com -- a free online site where users can bid for products like tablets and mobile phones that have been put on auction.
"We put 30 products for bid on an average in a day, valuing about Rs 50,000. The cost of the products is borne by us and we will monetise the offering through digital advertising," ValueFirst Digital Media CEO Vishwadeep Bajaj said.
The company expects about USD 1.5-2 million (up to Rs 11 crore) revenues through advertisement displayed on the site in 2013-14 and has earmarked USD 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 USD 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.