We are present across diverse categories and services across industries and sectors. Broadly, we are into three main business segments. e-auctions, that includes both forward and reverse auctions; e-procurement; and e-marketplaces, Vinaya Varma, CEO & Managing Director, mjunction services limited said in an interaction with Moneycontrol.
The company has been able to continue customer touchpoints without any disruption. Our helpdesk and toll-free helpdesks were made operational within three days after the lockdown was declared. Being an e-commerce service provider, our customer-facing processes are 100% digital and already available on the Internet. Hence it was a seamless and zero-touch activation. All our IT systems are well supported by private Cloud and public Cloud infrastructure, he added.
Varma said mjunction has been profitable from day one and has grown year on year since inception. With the economy picking up pace, we have set our sights high and are aiming for a 25% growth in our top line in FY22.
Q: Can you elaborate on the various services offered by mjunction and what differentiates it from its peers?
A: mjunction services limited has been one of the frontrunners in the B2B e-commerce space in India. It has service offerings spanning the entire B2B e-commerce spectrum and covers e-sales, e-sourcing, e-procurement, e-finance, and loyalty solutions. mjunction 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 in an efficient and transparent manner.
Rich transaction data of two decades, a robust IT infrastructure and an experienced operations team with deep domain knowledge and expertise, are our key strengths that differentiate us from our peers. Also, our core competencies are unique to us – design and conduct of e-auctions for price discovery, an extensive pan-India database of buyers and sellers, good knowledge and network in steel and coal industries, and management of non-strategic procurement.
Above all, it is a credible and trusted name in B2B e-commerce, with a strong and loyal customer base in both public and private sectors. We also have our own offices and people in UAE and UK, extending our services in our core competencies and sectors.
Q: How does mjunction ensure unparalleled services to their clients in COVID times?
A: mjunction put the safety of its people at the foremost as the pandemic broke out, and all operations, along with the conduct of e-auctions, moved to the safety of homes, aided by seamless support of our Technology and HR teams. The workforce displayed tremendous maturity and resilience as it rose to the occasion to embrace the new way of working.
We have been able to continue all our customer touchpoints without any disruption. Our helpdesk and toll-free helpdesks were made operational within three days after the lockdown was declared. Being an e-commerce service provider, our customer-facing processes are 100% digital and already available on the Internet. Hence it was a seamless and zero-touch activation. All our IT systems are well supported by private Cloud and public Cloud infrastructure.
IT support team within the organisation switched to remote support mode seamlessly, ensuring business as usual even as the country went into lockdown. Our people in procurement teams all over the country stood by the nation in procurement of essential items and services such as foodgrains, medical instruments, infrared thermometers, raw materials for food packets for doctors and policemen and bulk salt bags.
Individual concerns and issues over the new norms were efficiently and seamlessly handled by our Human Resources through formal trainings, informal chats and redefined practices, policies and processes to meet the needs of the people.
Q: During its inception, mjunction started with e-auction of steel and coal, but now exists across the entire B2B e-commerce spectrum. How many verticals have you ventured into?
A: Yes, we now exist across diverse categories and services across industries and sectors. Broadly, we are into three main business segments. e-auctions, that includes both forward and reverse auctions; e-procurement; and e-marketplaces. Some of the key categories we have experience and expertise in, include foodgrains, tea, pulses & oilseeds, telecom spectrum, media rights for cricket, oil & gas fields, industrial plots, land, mining, iron ore, idle assets and scrap.
Q: How many e-auctions have you conducted on the platform till date?
A: We conducted nearly 27,000 e-auctions in FY21 alone. Since inception in the last two decades, we have conducted nearly 3 lakh e-auctions on our platforms.
Q: Any plans to enter newer verticals?
A: mjunction has evolved platforms for steel, coal, idle assets, agro commodities and minerals. As of now, these are transactional platforms which facilitate both sides of the supply chain. In 2020, we have launched an electronic marketplace for tea in Assam, and we are in the process of launching another one soon for industrial spares. Transparent price discovery, category expertise, faster evacuation of materials, finance, wide diversity of materials and a large ecosystem of buyers and sellers, are some of our key services.
In the future, we have plans to transform these transactional platforms into wholesome marketplace experiences, by creating connected ecosystems offering a range of services like, financing, inspection services, logistics, data analytics, etc. in each of these platforms.
It is always one of our primary objectives to bring in our digital expertise and transparent systems to as many sectors and categories as possible and as the opportunities present themselves.
Q: Can you spell out your growth targets of this year and next year?
A: mjunction has been profitable from day one and has grown year on year since inception. FY21 has been a difficult year for everyone and yet it gives me immense happiness to say that we have been able to pick up pace since Q2 and delivered a creditable performance. With the economy picking up pace, we have set our sights high and are aiming for a 25% growth in our top line in FY22.
Q: Any other points that the management would like to highlight not covered in the questions above?A: mjunction abides by its guiding principles of Customer Focus, Innovation, Excellence, and Integrity in all its business processes and with regard to all its internal and external stakeholders. As of now, we have 3 lakh entities transacting on our various platforms.