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Online Chemical & Pharmaceutical Exchange
The Financial Express
WorldChemnet fixes revenue model ...Anju Ghangurde in Mumbai
WorldChemnet, a leading e-marketplace for the chemical and pharmaceutical sector, is all set to put in place a revenue model by October. This B2B portal, which already claims to have garnered cumulative trade postings worth $1.2billion, will subsequently charge a fee of 0.22 per cnet on the transaction value once a buyer and seller have agreed on a deal.
Significantly, PricewaterhouseCoopers (PwC) - already a strategic partner at WorldChemNet - is likely to pick up a minority stake in the portal, though this could not be officially confirmed.
WorldChemnet promoter Raj K. Bengani said under the new revenue model, the finer details on the buyer/seller's identity would be disclosed only after the two parties have agreed on a deal. The WorldChemnet site has 3,500 members spread over 60 countries and it plays host to new trade postings worth $30 million ( on an average ) each week.
The B2B portal is also adding on a host of new initiatives shortly including a Business Affiliation Program (BAP) in countries like China and India where membership numbers justify such appointments, classified hosting services and even online tax consulting via a tie-up with another portal. The business affiliate programme, WorldChemnet CEO Pradeep Malu said, will bring in the bricks and mortar support.
WorldChemnet is also in talks with ICICI for back support on the payments front, given that buyers/sellers can be strewn across various countries. Bengani added that WorldChemnet is in talks with both global and national service providers for logistics and testing ( on the quality front ), and these services will be added on to the site by the end of May.
On whether WorldChemnet will look at facilitating online futures trading in the chemicals/pharma segment, Bengani said, "That's a logical extension, but it's too early to comment".
In the long-term, WorldChemnet plans to put in place an effective rating system ( which rates buyers/sellers ), while a proposed tie-up with a UK-based research firm will allow members access their reports on a regular basis.
The global chemical and pharmaceutical trade is expected to grow to $1.9trillion by 2003.
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