The portal has been built on the `click and mortar' model and will provide information on steel shopping, products profile, trading, auction, bulletin board, search facility, prices, transportation charges, details on registered members, B Satish Kumar, managing director, Pyxis said announcing the launch today. Steelexchangeindia.com is the only platform where the entire steel community can visit the site and find the product, price, placing of orders and delivery status, he added. It also offers convenience of comparing prices, availability and location of the material, he said.

The model has been conceptualised to yield revenues from day one, said Kumar adding this could be possible because the main revenue stream will be from charging 0.5 per cent to 1 per cent of the total transaction done, brokers deal besides an annual membership fee of Rs 3000.

The site is open only to members who will be able to trade. said Raghu Rao, vice-president (business development). So far we have mustered 3000 members into the roll, Raghu Rao vice president added. The company is targeting 20,000 members by March end 2001. The company has seen a very good market potential for steel trading where the annual trading value has been projected at Rs 35,000 crore and expected to grow at Rs 60,000 crore in five year's time. Besides the company has identified 22 active steel trading centres in India and plans to set up offices in those places.

The company is planning to raise $3 million through vneturee capital funding for setting up the offices. Negotiations have been started already and will be finalised by end of June.