Jointobid: Redefining the Reverse Auction Process

Ananth Jain, Co-Founder

Ananth Jain


Online auction and bidding is the new buzz word in the e-Commerce industry. With the growth of a generation wanting everything at their finger tip, the concept of online auction and bidding is gaining prominence. According to Technavio analysts, the global online auction market is expected to grow at a CARG of over seven percent during 2018-22. Eliminating the shortcomings of traditional auction method, online auction takes the whole process to the next level. However, lack of awareness or expertise in the field can lead to a serious misstep in the online auction. Addressing this is Mumbai based Jointobid, which developed a simple, user friendly and credible online auction & bidding platform.

Incepted in 2018, Jointobid is focused on the reverse auction service, which unlike other auction services is not much popular and involves complexities. “Our platform makes the process so simple that there remains no question of complexity with Jointobid,” asserts Anant Jain, Co-Founder, Jointobid. The company provides end-to-end technology solutions for the complex reverse auction process through its ‘Do it Yourself’ platform. The process is made so simple that about 90 percent of the auctions conducted so far were handled by the customers alone. “We provide end-to-end solutions which
completely eliminate the manual intervention from RFQ process till goods/services are delivered and up to customer feedback,” adds Anant. This helps customers to view end-to-end process in one go, savings generated on procurement and others, all at one place.

Our platform makes the process so simple that there remains no question of complexity with Jointobid

The Simple & Transparent Platform

Contrary to the general auction platforms which are complex and designed for high value procurements, Jointobid is uniquely designed to accommodate all sorts of procurements auctions, whether goods or services, and of any quantity. Post registering on the company’s portal (by providing basic personal and business information), clients can create a RFQ form containingevery detail about their requirement, and send invites to the registered suppliers for submitting online bids (which can be revised during the open period). Jointobid’s experts review the RFQ form, and if required guide them to make necessary changes to eliminate any confusion while providing quotation. Post the bidding closuring period, the buyer can select one from all the offered bids and place the purchase order from the portal itself. Also on registration, the customer gets credit tokens which can be redeemed on each reverse auction.

Such convenience starting at just Rs.2,000, almost one fourth the price of other auction platforms. “We are trying to make the reverse auction process more simple and accessible, so that not just big companies but small ones too can avail the benefit of reverse auction,” says Anant. Being a cloud based platform, clients can access Jointobid from anywhere and anytime. Being a fully secured platform, customers’ key data remains in the system with limited access.

Thanks to the well experienced and dedicated team, Jointobid has offered services in all major sectors such as manufacturing, banking, insurance and others, and has already conducted over 500 successful reverse auctions in less than a year of its inception. It now looks forward to add more services and functionalities, thereby acquiring more of Indian market in the near future and grow at cent percent annual rate.