Electronic market under Rubber Board crosses ₹330cr. turnover

The electronic market promoted by the Rubber Board under the brand ‘mRube’ has traded natural rubber worth ₹332.81 crore till the end of March this year with a total of 24,487 tonnes being sold under 1,369 contracts.

The electronic market was launched in June 2022 with a view to promoting direct buyerseller transactions and to increase transparency and ensure quality and visibility for the product.

A farmer, a producer, or an end consumer in any part can engage with a buyer or seller of their choice based on the contracts entered into on the platform. In case any party requires a quality certification, the Rubber Board offers the service for a fee on request, sources in the Board said.

They said that mRube was being promoted as a strategy for improving the efficacy of the domestic natural rubber supply chain with improved market visibility and transparency in trade.

As on date, 1,955 dealers/ processors and manufacturers comprising tyre and nontyre manufacturers have onboarded this platform. mRube had traded rubber worth ₹108 crore during its first year of operations and has recorded more than 200% growth rate in its second year of operations.

The emarket was developed by the Board to keep pace with the technical advancements in commodity marketing and for hasslefree trade in rubber.

This is the firstofitskind online market for any plantation crop in India where buyers and sellers can bid and negotiate for spot trade. mRube has been instrumental in strengthening the natural rubber trade system in India by offering a borderless trade system and better market accessibility.

The emarket place is based on other successful online platforms and is enabled with inbuilt features such as systems for negotiating price, trade terms, delivery conditions, and quality features etc. Trading of various grades of natural rubber is possible through this mechanism.