Shriram Automall acquires Augeo to expand beyond auto auctioning

Augeo will be the first organised platform, which will provide complete service to the bankers and other institutions through its online portal 123done.in

In order to strengthen its presence in areas apart from automobile auctioning, Shriram Automall India Ltd (SAMIL), jointly owned by Shriram Transport Finance Company (STFC) and MXC Solutions India Pvt. Ltd (MXC), has acquired Augeo. The company is looking at auctioning over Rs 4,000 crore worth of assets in the initial days through the platform.

At present, banks and other financial institutions are struggling to sell stressed assets to the tune of around Rs 3.55 trillion.

While declining to give any financial details, Sameer Malhotra, Chief Executive Officer at Shriram Automall India Ltd said that at present, one of the biggest challenges