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Mumbai-based commerce platform Mytek on Tuesday launched a reverse auction model, introducing a bidding-based system where sellers compete to fulfil buyer requirements.
The company stated, “The model looks to address inefficiencies in price discovery by allowing buyers to post requirements, with verified sellers competing through bids and transactions awarded to the most competitive offer, departing from the traditional listing-based marketplace structure.”
Speaking on the development, Founder of Mytek, Shivkumar Borade, said, “After building a strong revenue base, we identified structural gaps in how transactions happen today. This upgrade is aimed at addressing those inefficiencies at scale.”
“The model is designed to create a more performance-driven marketplace by enabling direct competition among sellers. This approach improves transparency and reduces friction for both buyers and sellers, while ensuring that transactions are driven by real demand and competitive pricing,” Co-founder Ashwajeet Wankhede added.
“The reverse auction system will be deployed across both B2B and B2C segments, with an initial rollout in selected categories and plans to expand the model across industries, focusing on small and medium enterprises, manufacturers, suppliers and service providers,” the statement added.,” the statement added.
As part of the rollout, the company has opened onboarding for sellers, offering free onboarding for a limited period along with zero commission on initial transactions.
Mytek also reported revenue of ₹48.29 crore, with EBITDA of ₹3.71 crore and a profit after tax of ₹2.79 crore, stating that the upgrade reflects a shift in how transactions are conducted across its platform.