India's ₹1.8 Lakh Crore Auction Market Gets Its 'UPI Moment': OTOBIDS Wins India's First Patent for Multi-Platform Auction Tech

HT Syndication
Mumbai (Maharashtra) [India], April 9: In a development that will reshape India's asset auction landscape, OTOBIDS Pvt. Ltd., part of Sheerdrive, has secured India's first patent for a unified, multi-platform auction technology, bringing fragmented marketplaces onto a single interface and supporting more efficient price discovery at scale.
India's asset auction market, estimated at ₹ 1.8 lakh crore, spans vehicles, properties, gold, scrap, and commodities, but remains structurally fragmented. Sellers typically list assets across multiple platforms to maximize reach, while buyers are distributed across disconnected networks. This fragmentation restricts competition, delays transactions, and often results in below-optimal price realization.
OTOBIDS addresses this inefficiency through its patented Unified Auction Dashboard (UAD), which integrates multiple auction platforms into a single, real-time bidding environment. Sellers can list once and seamlessly access a wider, aggregated buyer base, while buyers gain unified visibility across fragmented inventory pools. By consolidating demand and intensifying competition, the platform consistently delivers 6-8% higher price realizations for sellers, along with faster closure cycles, mirroring the impact aggregation has had across payments, travel, and commerce ecosystems.

Ravi Mehra, Founder, Sheerdrive, said, "We believe the future of auctions lies in connected ecosystems and not isolated platforms. This patent is a step toward the future where marketplaces operate as a unified network, enabling real-time transparency, stronger price discovery, and greater trust. At SheerDrive, we are building the rails powering this shift much like network layers did for payments. Otobids UAD is not just a product but is the foundation of a more efficient, global auction economy"

Rajish Chandrababu, Director, OTOBIDS Pvt. Ltd., added, "This innovation defines a new operating model for auctions in India. With the overall market expected to reach ₹3.6 lakh crore over the next five years, unified access to buyers will be critical in advancing efficiency, liquidity, and pricing outcomes. OTOBIDS is positioned to lead this shift."
The platform is already demonstrating measurable impact. OTOBIDS facilitates approximately ₹250+ crore in monthly transactions, integrates 15+ auction platforms, and serves 25+ institutional sellers, including banks, NBFCs, OEMs, and fleet operators.
As an AI-powered SaaS platform, OTOBIDS also standardises key processes across the auction lifecycle, including ownership verification, compliance checks, AI-led valuations, and ownership transfer, thus reducing risk while improving transparency plus process efficiency.
With its patented technology and expanding network, OTOBIDS is positioning itself as a category-defining player in India's asset auction ecosystem, driving the market toward a more unified, liquid, and competitive structure.
About Sheerdrive Private Limited:
Founded in 2020 Mumbai based SheerDrive is an automotive intelligence and transaction platform focused on Auction infrastructure, AI-led pricing and evaluations. Its platforms--VIAR, PRO, and Otobids--enable real-time price discovery, asset liquidation, and marketplace aggregation. The company thru its journey has raised capital from Group Landmark, Volrado venture fund, JITO, IPV and other Marquee investors
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