NEW DELHI (Scrap Monster): An Indian startup Eco Emarket has turned out to become the first online marketplace to trade electronic waste. The company has already partnered with the National Commodity and Derivatives Exchange (NCDEX) to run the national digital exchange on revenue sharing basis. The initial round of trading will be held during the first quarter next year. According to company statement, it plans to expand into trading of textiles, plastics and paper in the near future.
The startup intends to provide a platform to connect certified buyers of electronic waste with large users of e-waste including domestic and multi-national companies, corporate and other institutions such as schools and banks, which are considered to be the largest generators of e-waste. The company, in partnership with NCDEX will offer a portal which will support business-to-business (B2B) segment transactions. According to Eco Emarket, the trade would incorporate multiple locations including Chennai, Hyderabad and Gurugram. The company has already entered into partnership with several government-approved e-waste recyclers and dismantlers along with several major corporate firms.
NCDEX eMarkets CEO Rajesh Sinha noted that electronic waste is the latest addition to the exchange’s product category, following recent launches involving farm products and dairy products. The Exchange will offer standard product categories and units for trading waste as a category. The idea of marketplace for e-waste aligns well with the government’s waste management policies. Meantime, the company’s cofounder SR Pejavar stated that the ultimate aim is to bridge the gap between e-waste generators and recyclers, who otherwise are not connected directly. By providing market infrastructure for waste management, the company intends to bind various ecosystem partners together. It will help organizations to dispose of their e-waste in a responsible manner without any hassles, Pejavar added.
As per estimates, the country generates around 18 lakh metric tonnes of electronic waste every year. Out of this only 5% is handled by certified recyclers, whereas the remaining e-waste is handled by unorganized sector which makes use of primitive unhealthy dismantling techniques to process them.
A recent study conducted by the Associated Chambers of commerce and Industry (ASSOCHAM) in partnership with Frost & Sullivan had noted that India’s e-waste volumes are likely to soar to 30 lakh metric tonnes per year by 2018, growing at 30% per annum. The study had revealed that Mumbai tops the list of e-waste generating cities with an estimated 1.2 lakh metric tonnes per year, followed by Delhi-NCR with 98,000 metric tonnes and Bangalore with 92,000 metric tonnes. The other top cities to feature in the list are Chennai (67,000 mt), Kolkata (55,000 mt), Ahmedabad (36,000 mt), Hyderabad (32,000 mt) and Pune (26,000 mt).
Eco eMarket is a safe marketplace that provides reduced time cycle for trade, transparent automated system, strong technical support, auction/bidding facility and attractive offers. It operates over the technical platform of NCDEX eMarkets Ltd (NeML), which is a wholly owned subsidiary of NCDEX, having major patronage of Government Institutions.