Shriram Automall India Received STQC ePS Certificate For It’s Forward Auction Portal

Shriram Automall India, a platform for Pre-Owned Vehicles & Equipment has received the “Standardisation Testing & Quality Certification (STQC) E-Procurement System (ePS) Certificate” by the Ministry of Electronics & Information Technology, India’s quality assurance and conformity assessment body. The certificate will enable the company to Foray into the Rs 50,000 crore public sector forward auction industry.

After going through extensive tests, Shriram Automall India Ltd (SAMIL) has become among the first private company in India to have its auction portal certified by the prestigious STQC directorate for exclusively conducting “Forward Auctions”, which is among the first of its kind issued by the agency, the company said in a statement.

STQC an e-procurement system is responsible for maintaining e-governance standards and related conformity as per the DeitY-guidelines which are an essential requirement for various government agencies for their e-procurement needs and for various entities to conduct forward auctions under SARFAESI.

SAMIL was also featured in the latest Market Report by Global Market Insights as key global player in the Pre-owned Vehicles and Equipment Market and with the STQC Certification; it has further enhanced its horizon in the public sector forward auction industry, which has a potential of over 50,000Cr annually in India.

On this achievement, Sameer Malhotra, CEO SAMIL said , “Online Forward Auctions has so far been untapped by us for the public sector and thus, we at Shriram Automall India Limited feel proud to receive STQC certification. So far at SAMIL, we were offering auction services, software development & consulting services to various Auto OEMs, Leasing companies, Banks/NBFCs and Insurance companies."

“ Since PSU entities mandatorily require their e-procurement and forward auction service providers to be STQC certified as a prerequisite to empanelment, this will provide a very secure, accurate and trustworthy platform to all the leading PSU’s and all such financial institutions for auctioning their movable and immovable assets. Our engineering teams, including our colleagues at Shriram Automall India Limited, have all worked very hard in pursuit of the STQC Certification, I am sure that the new Certification of our auction engine will change the competitive landscape in India.” He added, “We have a great deal of experience in designing products in e-auction space. We strongly believe that this is the best way for us to satisfy the needs of our partners in India and around the world.” Malhotra said