Companies

mjunction transforms from e-auction solutions provider to integrated e-marketplace

V Rishi Kumar Hyderabad | Updated on July 27, 2021

Vinaya Varma, Managing Director

The joint venture between SAIL and Tata Steel has become India’s largest B2B e-commerce company

From a business-to-business (B2B) electronic auction solutions provider, mjunction Services Limited, has gradually diversified and transformed into an integrated digital e-marketplace.

As it expands and diversifies to offer new services, the 20-year-old joint venture promoted by SAIL and Tata Steel, is looking at playing a much larger role in the country’s digital marketplace, while helping overseas companies to be part of the development process.

mjunction has become country’s largest B2B e-commerce company, handling buy and sell transactions and has achieved a transaction value of ₹1,39,824 crore in FY 2021. This transaction value is the total monetary value of goods and services transacted on its platforms with more than 3 lakh entities transacting on the platforms.

Vinaya Varma, Managing Director, mjunction Services Limited, said, “The rapid digitisation drive has opened up a number of new opportunities for us. This has helped us to become the biggest B2B platform in the country with more than 200 large companies taking part. In tune with the changing business landscape and growing electronic commerce and digital push, we have gradually transformed ourselves to become an integrated e-marketplace.”

“We started our journey as a B2C electronic auction services provider and gradually expanded to being a business to business (B2B) and now have become an integrated e-marketplace, offering a wide range of services, including as a funding facilitator for supply chain solutions providers through a tie-up with 10 banking/financial solutions providers,” he told BusinessLine.

Varma said, “mjunction will continue to strive to bring in transparency through digitisation in systems and processes which suffer from lack of visibility. While we already exists in a number of key sectors, we are breaking barriers by foraying into new categories and sectors, be it sports media auction for BCCI, facilitating e-auctions for tea, sale of land and industrial assets for various State Governments and lately oil seeds and pulses.”

mjPRO

mjPRO, the company’s e-procurement place on Cloud, is seeking to solve procurement problems of private and public sector. The platform has the potential to successfully break price cartels. Through it’s e-marketplaces, mjunction has begun with tea and will get into spare parts and MRO items soon, he explained.

“We were earlier awarded a five-year contract by the DGH for e-bidding, e-valuation of bids, and e-allocation of oil and gas fields. The auction platform is used by FCI for e-auction of foodgrains, NMDC for e-auction of rough diamonds and RITES for e-auction of the assets belonging to ECR among others. Recently, mjunction has signed a MoU with Tea Board to design, develop, implement and maintain their e-auction platform at Jorhat, Assam, bringing in transparency and cutting short process time , while also bringing more buyers,” he explained.

Apart from helping sale of coal, steel, minerals, idle assets of large companies, tea and agriculture commodities, we are also facilitating transactions of metal scrap. Various State governments that conduct mining auctions are looking at engaging mjunction to facilitate auctions, he said.

“With over 900 resources and presence in more than 60 locations in India, the company also has experts who can help companies with guidance,” he said. “There are no immediate plans to raise funds or tap the market,” Varma added.

Published on July 27, 2021

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