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LootStreet.com allows users to bargain before they buy or sell products

by Asfaq Tapia

Hyderabad-based startup AKVenture Info has launched LootStreet.com that allows users to bargain before they actually buy or sell products on the site. According to AKVenture, the website accepts payments in the form of demand drafts, debit cards, bank transfers and PayPal.

by Asfaq Tapia

Hyderabad-based startup AKVenture Info has launched LootStreet.com that allows users to bargain before they actually buy or sell products on the site. According to AKVenture, the website accepts payments in the form of demand drafts, debit cards, bank transfers and PayPal.

Arun Balakrishnan, CEO, LootStreet.com, has said, “The website allows its users to bargain on different parameters such as price and volume. Apart from this, users with same needs can collectively approach a seller to avail a bargain.” Balakrishnan adds that a team of eight people moderate the listings on the site.

The way the bargaining works is, every seller offers his product for a price. The bargaining process starts when a buyer places an offer for the product, which may be lower than the seller’s offered price and the seller responds with a revised price, which is lower than his original price.

During the bargaining process, the website does not allow the seller to increase the price of the product. Similarly, the buyer also can not reduce the price which he has already offered. As the negotiations between the buyer and seller progress, the bargained price of the product reaches a value that is lower than what its original value was. The bargaining ends when the buyer and seller have agreed upon a common price.

LootStreet.com would have three sources of revenue, which it plans to incorporate at a later stage — commission on final sales, revenue from banner advertisements and listing fee on products after the company has launched its retail services such as car rental, real estate listing etc. According to Arun Balakrishnan, the company may also change its business model to be the sole seller on the site.

AKVenture was founded by Arun Balakrishnan and Kaushik Mukherjee, graduates from IIM Ahmadabad, in May 2008. The startup is being mentored by Deep Kalra, founder and CEO of MakeMyTrip.com.

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