Problem Statement

We were approached by one of the largest staples exporters who were monetizing large value export scrips earned from their exports (70% of the revenues). Since they do not import anything (or very little), they had to monetize it in the open market at a discount. The Auditor wasn’t sure whether it was being monetized at a competitive value (and not leaving money on the table).

Desire

To monetize it through a fair process against competitive bids.

Solution

In consultation with the customer, we devised an auction for the customer whereby the scrips were auctioned through a forward auction methodology and the winner was selected based on the highest bid. The challenge was in configuring the fields to suit the use case wherein the unit bid is a discount to 100%, which was achieved by us after a few iterations.

The solution had to be very simple and intuitive for the bidder to effortlessly participate in it and focus on the real-time competition. We created the fields in such a way that the logic was simplified to just put in the bid as a percentage.

Outcome

The customer has been using it for over a year now with significant improvement in the realization on the monetization of the scrips to the importers.

Future Plan

Encouraged by our ability to solve problems through a digital platform, the customer is now using it for many use cases in their business for multiple years now and is one of our biggest references on problem-solving through our platform.