Satyam Infoway launches India's Major EProcurement Portal
Chennai, Dec 15th, 1999 : Eprocurement is the way thousands of businesses in the USA have saved millions of dollars by leveraging the Net and adding substantially to the bottomline. As the leading EBusiness player in the Indian market, Satyam Infoway Ltd today announced India's Major EProcurement Portal - SeekandSourcE.com.
In a vast country like India, businesses are today unable to efficiently procure industrial products beyond the proximity of their business locations. SeekandSourcE.com portal enables these businesses to leverage the net and add value while improving the bottomline in Business to Business transactions. This is a revolutionary initiative that will dramatically empower the thousands of small and medium sized businesses in India, whether they are buying or selling on the net, to expand their reach in sourcing suppliers or customers.
SeekandSourcE.com is built on the "Engage-Transact-Analyze" business model of the EProcurement marketplace. This EProcurement portal brings together the Business Customers, Corporate Purchasing Managers, Manufacturers, Suppliers and Distributors. SeekandSourcE.com will enable companies, small and big, to showcase their industrial products on the net, carryout the complete business transactions from sending purchase enquiry until placing orders as well as monitoring status of supply.
The conventional business process of identification and procurement of corporate requirements have been replicated on this portal. This will help the businesses to avoid the typical inefficiencies in traditional purchase cycles and save on administrative costs. One of the key features of the portal is the ability of small and medium businesses to even get complete MIS reports that even eliminates the need for full fledged systems.
Another unique feature is the planned payment settlement for the transaction in association with ICICI bank who will offer current account facilities to all registered business members of this portal. This portal integrates the power of eProcurement and ePayment for the first time in India. Using this solution, ICICI account holders can authorise direct settlement from their accounts for the purchases made through this portal. ICICI and Satyam Infoway will work together to make this a truly open platform to enable Interbank settlement for online purchases.
Mr. R. Ramaraj, MD, Satyam Infoway Ltd said, "With the launch of SeekandSourcE.com, Satyam Infoway intends to dramatically alter the landscape of business to business transactions. SeekandSourcE.com has evolved during the last 18 months, with over 100 man-years of development effort, and incorporating valuable feedback from over 150 diverse companies in India. We understand the benefits of Internet for consumers extremely well and are now poised to bring the same to the business community. The planned ePayment facility in strategic partnership with ICICI Bank will immensely benefit the business community".
Mr. K.V Kamath, MD and CEO, ICICI Limited, said "Technology, particularly the Internet, is creating a platform-independent, low-cost communication infrastructure, which permeates all sectors of the economy and is providing an affordable medium for conducting business. It's principal advantage being the ability to seamlessly integrate the entire value chain spanning customers, retailers, distributors, manufacturers, their vendors & suppliers and the banking system. This, in turn, has highlighted the specialised importance of both Technology and Payment Systems, the two primary enablers for realising this opportunity. ICICI and Satyam Infoway, through this partnership, will play a strategic role in providing revolutionary e-commerce solutions in India".
Forrester Research, a leading research firm in the USA, has estimated the B2B ECommerce transactions at over US$300 Billion in 2002. According to a latest report by NASSCOM, B2B ECommerce transactions in India is estimated at over Rs.375 crores in 1999 ? 2000 and over Rs. 10,000 crores in 2002 ? 2003 growing at a whopping 300% a year.
About Satyam Infoway Ltd
Satyam Infoway Ltd, the country's premier Internet & E-Commerce company is a subsidiary of Satyam Computer Services Limited, a SEI CMM level 5 company. Satyam Infoway offers a range of products that cover the entire gamut of the Internet: Access, Portal and E-Commerce solutions. SatyamOnline, the country's first and largest private Internet service, has a presence in 27 cities across the country. The portal www.satyamonline.com, is the country's leading portal with services in areas such as travel, finance, health and shopping, etc. Over 300 large corporates use Satyam Infoway's Business-to-Business products and services. MCI Worldcom, Sterling Commerce and Open Market are some of Satyam's distinguished partners. Recently, Satyam Infoway achieved the rare distinction of being the first Indian Internet Company to be listed on NASDAQ, the prestigious US stock exchange.
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