Summary:
We hope to launch the reverse auctioning service in India, beginning in New Delhi by early next year,” Prabhakar said. “For example, if a bakery has a stock of croissants or pastries that have remained unsold through the day, the bakery can put the inventory up for reverse auctioning. VIJAYAWADA: With digitization increasing becoming the norm across various sectors of the economy, the home delivery of food has also being finding traction.The next step in the evolution of food delivery, and possibly, other items to households, is “reverse auctioning” of food, according to Arvind Prabhakar, CEO of GyFTR (pronounced as “gifter”).“The company launched the reverse auctioning service for restaurants in Taiwan. “I think that the reverse auctioning can be extended to other items of daily use as well in due course.The GyFTR head said that the company had been cash-flow positive since the third year of its operation in India. The bakery can slash the prices of the croissants and pastries and other items to move the inventory, to cover its overheads,” Prabhakar told ToI.According to Prabhakar—who founded GyFTR in 2012 after working for several years in the company rewards and redemption sector for many years—the reverse auctioning of food had been successful in Taiwan..