mjunction services limited: stands for Transparency, Innovation and Efficiency
mjunction services limited: stands for Transparency, Innovation and Efficiency
mjunction services limited, formerly metaljunction.com, is an equal joint venture of two Indian steel giants SAIL and Tata Steel. It is the largest B2B e-commerce company in India and operates the world’s largest e-marketplace for steel. It has sold over 15 million tons of steel and e-transacted over Rs658, 108crore till FY18 since its inception in 2001. Transparency, innovation and efficiency continue to be the cornerstones of the company’s philosophy till date. Originally formed just to sell steel online, mjunction diversified rapidly and today the company operates auction platforms for coal, telecom spectrum, rough diamonds, idle assetsand food grains, to name just a few. It provides a transparent and efficient electronic marketplace where buyers and sellers of diverse goods and services can transact in a model that delivers value to both parties. It has service offerings spanning the entire B2B e-commerce spectrum and covers e-sales, e-sourcing, e-procurement, e-finance and loyalty solutions, and more than 2 lakh entities transact on these platforms.
Services and offerings
mjunction’s world of B2B e-commerce brings together Enterprise customers, Government departments, buyers, suppliers, financiers, logistics providers, inspection agents and channel partners to do business, efficiently and effectively.
- Enhancing sales realization
mjunction’s e-sales platform helps sellers in the faster conversion of inventory to cash through market making, transparent and a secure auction process. An ecosystem of a large and global buyer base coupled with their team’s market research ensures maximum sales realization for sellers.
- Reducing Cost & Improving efficiency
mjunction’s e-procurement is an end-to-end sourcing platform which not only enables their customers to reduce operational costs but also helps them to optimize cycle time of procurement and purchase, empowering them with analytical insights to better design their procurement policy thus creating a more efficient procurement process.
- Making Business Hassle Free:
It reduces the total cost of ownership by optimizing stores and warehouses, reducing regular procurement activity, eliminating overstocking and stock-outs in various non-strategic spend categories across industries. This hassle-free availability of MRO items reduces significant procurement bandwidth of their clients enabling them to focus on their core business.
- Energizing the Sales & Distribution Channel
mjunction helps organizations to focus on their core functions by taking over their supply chain finance needs, helping them convert credit sales into cash sales by the faster realization of payments online also giving them better supply chain visibility.
mjunction is ISO 9001:2008, ISO 27001:2013 certified and is appraised at CMMI Level 5. It won the “Best E-commerce Company of the Year” Award in the “ET NOW Making of Developed India Awards”.
- For the first time in India, mjunction discovered the yield of Commercial Paper for Steel Authority of India Ltd (SAIL) through an e-platform.
- The country’s largest stockholder of food grains, Food Corporation of India, chose mjunction to auction its food grains.
- In October 2016, mjunction conducted spectrum auction for Department of Telecommunications, Government of India, for the second time. This time, it facilitated the sale of 964.80 MHz of spectrum, more than the cumulative amount of spectrum sold during the previous four years. It was one of the world’s most complex spectrum auctions ever, based on the Simultaneous Multiple Round Ascending model. Under this model, all the offerings were simultaneously opened and were subsequently closed together, to enable the operators to switch across the offerings in real time.
- In September 2016, mjunction extended its service of e-distribution of coal on behalf of state-nominated agencies, to Maharashtra. The service, which was launched in West Bengal earlier, enables MSMEs to get access to coal at fixed prices.
- In June 2016, mjunction entered into a joint venture with Axis Bank to set up a separate company to provide online discounting of trade receivables to MSMEs.
- In June 2016, mjunction deployed Fraud Analytics in its e-procurement platform for the state government of Chhattisgarh. This module helps to detect cartelization, as well as, provides meaningful insights on the government spending.
- mjunction inked a procurement service contract with an automobile spares major, as per which it will be the exclusive supplier of a host of non-repetitive and low-value buys for the organization. The items procured includeoffice supplies, OEM materials, tools and packaging material.
- The Directorate General of Hydrocarbons (DGH) appointed mjunction to build a platform for them to enable e-bidding, e-evaluation of bids, and e-allocation of oil and gas fields. This platform will aid in transparent allocation of the country’s natural resources.
- The Bihar State Mining Corporation (BSMC), the designated state-nominated agency (SNA) for Bihar, has appointed mjunction for implementation of coal e-distribution in the state, which will enable MSME consumers to buy coal from BSMC in a fair and convenient manner without middlemen or agents.
- mjunction achieved a major breakthrough in signing up Vedanta Aluminum for its Super Aggregator Service (SAS). It will cover its Jharsuguda, BALCO-Korba,and Lanjigarh units.
- In the e-marketplace for Agri commodities, mjunction signed an agreement with the Himachal Pradesh State Forest Development Corporation (HPSFDC) to e-sell their forest produce like timber, rosin, tin and T. Oil.
- Tata Steel IBMD (Coal) Jharia Division has selected mjunction for a 3-year e-booking & fulfillment contract.
- TREDS Ltd., a joint venture of mjunction and Axis Bank, launched Invoicemart, a digital invoice discounting platform for small businesses.
- mjunction kick-started FY19 by conducting the first-ever e-auction for the Board of Control for Cricket in India (BCCI), for the award of media rights for all non-IPL matches of the Indian cricket team in India.
- mjunction conducted its first ever international e-auction for Tata Steel UAE, for whom it was their maiden venture into the digital selling space.
- In June, mjunction organized the Indian Steel Markets Conference in Kolkata. Steel industry experts from all over the world attended the conference.
Mr Vinaya Varma is an alumnus of prestigious IIT Kanpur and a passionate believer in the power of e-commerce, technology, and innovation in building efficient, effective and transparent supply chains to power B2B e-commerce. His focus is on collaboration with clients and partners to create mutually beneficial long-term value.
Mr Varma has been elected Co-Chairman of the CII Eastern Region ICTE Sub-Committee for 2018-19. He is also an elected member of CII Eastern Regional Council and CII West Bengal State Council for 2018-19 and an elected Member of NASSCOM’s Internet, Mobile & e-Commerce Council for 2017-19.
mjunction aspires to introduce the extensive application of AI, machine learning, robotics process automation and analytics in its operations. A beginning has been made with Fraud Analytics in e-procurement and machine learning in price estimation for forwarding auctions. It is also all set to introduce the “Cobot” system in e-procurement. In the emerging scenario, people will work collaboratively with robots like cobots. mjunction will use this to run its procurement shared service centre, which acts as a sourcing aggregator for organizations, and ensure fulfillment as a single entity. mjunction wants to build on its competency of auction engines and turn them into platforms where interconnected digital ecosystems will be hosted on large B2B platforms. It has begun in this direction by offering its e-procurement application on the Cloud, instead of just selling it as licensed software.
Corporate Social Responsibility
He who is unable to live in society, or who has no need because he is sufficient for himself, must be either a beast or a god.~ Aristotle
mjunction understands the importance of giving back to society. Towards this end, eJunction is a trust promoted by mjunction as a part of their CSR and affirmative action initiative. The trust promotes e-literacy and skill development initiatives related to Information Communication Technology (ICT) for the people from underprivileged sections of society. eJunction imparts digital education with the primary objective of empowering these sections of society and making them employable. More than 15,000 students have been trained and more than 7500 employment opportunities have been created till date, and around 5000 students are getting benefitted through the school level intervention of eJunction. mjunction’s CSR initiative primarily focuses on education, employability, and empowerment and revolves around six guiding principles – Impact, Partnerships, Affirmative Action, Volunteering, Communication and Innovation.