Showing posts with label Mjunction. Show all posts
Showing posts with label Mjunction. Show all posts

mjunction to conduct e-auction for Flipkart


Kolkata, 29 May 2019: mjunction services limited, India’s largest B2B e-commerce company, will conduct e-auctions for Flipkart Internet Pvt Ltd, for disposing of their used packaging items and various other types of idle assets. The e-auction platform of mjunction will bring about transparency as well as convenience for the buyers. In FY19, mjunction has e-transacted over Rs 1 lakh crore on its various platforms.

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mjunction wins 4th CSR Impact Award


mjunction wins 4th CSR Impact Award

Kolkata, October 16, 2017: mjunction services, India’s largest B2B ecommerce company has been awarded the 4th CSR Impact Award at the India CSR summit and Exhibition 2017.

mjunction has won the award in the category of CSR Foundation of the Year 2016-17. The activities showcased were the School Integration Program (SIP), English Lab and Employability Linked Program (ELP). The SIP and English Lab focuses on imparting education to the underprivileged level with the help of digital means while the ELP grooms an individual by teaching them interview, presentation and basic computer skills.

mjunction CEO Mr. Vinaya Varma said, “This award motivates us to focus more on education at the grassroot level through digital means. Our comprehensive CSR policy focuses on the betterment of the marginalized society”.

mjunction was selected as the winner after a two stage evaluation, conducted by SP Jain Institute of management & Research and  fourteen member jury. mjunction accepted the award from Mr. Pratyush Kumar panda head CSR, ACC limited and Gaurav Kapoor, Head industry partnership NSDC.


About mjunction: 

mjunction services limited is the largest B2B e-commerce company in India, and has e-transacted over Rs 556,858 crore till FY17 on its various e-platforms since inception in 2001. 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. mjunction has a national footprint with presence in more than 25 locations in India. Internationally it has its business footprints in Australia, Singapore, UK and UAE. mjunction is ISO 9001:2008, ISO 27001:2013 certified and is appraised at CMMI Level 5.


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Mr AK Rath, CEO DSP SAIL, appointed as Chairman of mjunction



Mr. A.K. Rath has been appointed the Chairman of mjunction on September 25, 2017. He takes the mantle from the outgoing Chairman Mr Sandipan Chakravortty. Mr. Rath is the Chief Executive Officer of SAIL’s Durgapur Steel Plant.

On his appointment Mr A.K. Rath said, “I look forward to leading a dynamic organisation such as mjunction, which is a leader in implementation of B2B e-marketplaces, e-auctions and e-procurement in various sectors.”

Mr AK Rath, CEO DSP SAIL, appointed as Chairman of mjunction

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mjunction organizes the 11TH Indian Coal Markets Conference


Premier International Conference focusing on the issues of the consumers of coal

Kolkata, September 12, 2017: mjunction services ltd, a joint venture between Tata steel and SAIL, country’s largest e-market place for coal and steel is hosting the 11th International Coal Markets Conference. This is a leading annual gathering of Indian policymakers, coal producers, coal traders, mine developers, operators, shipping & logistics companies, coal technology providers, analysts and the consumers of coal from across sectors like cement, power, steel and paper.

mjunction organizes the 11TH Indian Coal Markets Conference


The conference seeks to highlight the challenges plaguing the coal industry this year and bring about a resolution for the same. mjunction’s expertise and experience in intensive research and tracking of the coal market, as conducted via the ‘India Coal Market Watch’ monthly reports and ‘Coal Insights’ printed reports  enables them to remain up to date with the current market issues. All such relevant topics catering to the delegates shall be the key point at this conference.

mjunction CEO Mr Vinaya Varma said in the welcome address, “The Indian power sector and hence the coal market is undergoing a rapid change in terms of structure and mix. On one hand, the lukewarm demand facing the thermal power plants and the low PLF remain a big concern. On the other hand, the rapid progress in solar and renewables comes as a possible disruptor. All these developments will have an immense impact on the coal and allied industries. It is interesting to see how the coal sector prepares itself to face the changing dynamics.

“In this context, the 11th Indian Coal Markets Conference is going to be a good platform for the policymakers, industry and other stakeholders to brainstorm the better way to move ahead, in making good progress for the economy as a whole, but with minimal impact on the existing structures”.
He also added that there has been notable increase in solar power generation which is giving a stiff competition to the coal market. At the 11th Indian Coal Markets Conference we will search for answers from 41 eminent speakers across the globe to issues the industry is currently facing.
The event has been segmented into nine sessions to be conducted by eminent panelists including industry stalwarts, policymakers and pioneers of coal and allied industries, through a period of two days.

Though the sales outlook of CIL for 2017-18 looks positive , the sector is being threatened by a host of other issues such as health of discoms, downgrading of mines due to quality concerns, challenges from renewable sector, poor demand from thermal power companies among others. 41 eminent speakers from across the globe will share their thoughts on these concerns over a period of two days.
The conference will be followed by mjunction’s 8th Indian Coal Markets Awards Night organized in association with the Cement Manufacturers’ Association. Industry participants, under various service categories – Coal Importer/Coal Port Performer/Coal Inspection Agency/Coal Mining Contractor among others are to be awarded based on their performance depending on a voting process open to all the Industry participants.

This is the only extensive platform that caters to the consumer organizations to know about the prevalent trends in this particular industry – the production, consumption, demand, prices and global situations, by hearing from the top policymakers. The event is the best potential ground for business networking and also offers scope for the service providers to meet prospective delegates.
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mjunction organizes 11th Indian Coal Markets Conference


Date: 11-13th September
Venue: Hyatt Regency, Kolkata

Kolkata, September 11, 2017:  mjunction services, India’s largest B2B e-commerce company, will be organising the 11th Indian Coal Markets Conference in Kolkata on September 12 and 13. The conference this year will focus on the various issues faced by consumers of coal, which will be taken up by industry experts, policy makers and all stakeholders of the industry.
Leading power, cement and steel companies are supporting the event, which will provide a holistic picture of the production, consumption, demand, prices and global situations of the coal industry. The conference will provide a platform not only for networking but also for exchange of ideas and thoughts concerning the industry.

mjunction organizes 11th Indian Coal Markets Conference

mjunction CEO Mr Vinaya Varma said, “The Indian power sector and hence the coal market is undergoing a rapid change in terms of structure and mix. On one hand, the lukewarm demand facing the thermal power plants and the low PLF remain a big concern. On the other hand, the rapid progress in solar and renewables comes as a possible disruptor. All these developments will have an immense impact on the coal and allied industries. It is interesting to see how the coal sector prepares itself to face the changing dynamics.
“In this context, the 11th Indian Coal Markets Conference is going to be a good platform for the policymakers, industry and other stakeholders to brainstorm the better way to move ahead, in making good progress for the economy as a whole, but with minimal impact on the existing structures”.

There will be an exclusive session on ‘South Africa: Partners in growth’ where the keynote speakers will be Dr. Tsengwa Nombasa, Executive Head (coal operations) Exxaro, Divyesh Kalan, Executive Head of Makoya Group, Lloyd Tobias, COO of Transnet Freight Rail among others.
mjunction in association with the Cement Manufacturers’ Association, will also host the Indian Coal Markets Award Night where service providers will be felicitated under various categories such as: Coal importer of the year, Coal transporter of the year, Coal producers of the year, Coal port performer of the year among various others.
 
Some of the key speakers at the event will be –
· S N Prasad, Director, Marketing, Coal India Ltd (CIL)
· Kulamani Biswal, Director Finance, NTPC Ltd.
· Benjamin Sporton, CEO, World Coal Association (WCA)
· John Howland, Managing Director of Coal, IHS Markit
· S.K. Basak, ED, Collieries, SAIL
· Partha S Bhattacharyya, former chairman, Coal India Ltd (CIL)
· S K Agrawal, Group Head – Central Coal Procurement, Vedanta
· Niladri Bhattacharjee, Partner, KPMG
The conference will be attended by 300 people, and 85 companies will be participating in the event in various categories. Some of the companies are from Japan, China, Singapore, South Africa and Latvia.

About mjunction: mjunction services limited is the is the largest B2B e-commerce company in India, and has e-transacted over Rs 556,858 crore till FY17 on its various e-platforms since inception in 2001. 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. mjunction has a national footprint with presence in more than 25 locations in India. Internationally it has its business footprints in Australia, Singapore, UK and UAE. mjunction is ISO 9001:2008, ISO 27001:2013 certified and is appraised at CMMI Level 5. 
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mjunction participates in the first ever Corporate Cycling Championship

mjunction participates in the first ever Corporate Cycling Championship


Kolkata, August 16, 2017: mjunction services participated in the first ever Corporate Cycling Championship held on 13th of August at Nalban fishery food park, salt lake , sector-V. The event was aimed towards a clean and green sector-V, the industry hub of West Bengal.


The event was inaugurated by West Bengal Urban development minister Mr. Firhad Hakim with MLA Sujit Bose being the special guest. NASSCOM Chairman, Mr. Kamal Agarwal and Nabadiganta Industrial Township Authority (NDITA) Chairman, Mr. Debashis Sen was also present at the occasion. HIDCO (Housing Infrastructure Development Corporation) has already been promoting cycling as an eco-friendly transport and has proposed to build cycling track in New Town.


Cycle Network Grow, West Bengal Cycling Association alongwith NASSCOM were the key organizers for the first Corporate Cycling Championship held in West Bengal. There were more than 300 participants with active participation of more than 10 corporate houses.


About the company: mjunction services limited, India’s largest B2B e-commerce industry and a joint venture between TATA Steel and SAIL was founded in February 2001. It offers a wide range of e-selling, e-sourcing, e-finance, e-retail and knowledge services across diverse industry verticals that empower businesses with greater process efficiencies. mjunction is an ISO 9001:2008, ISO 27001:2005 and a CMMI Level 5 certified company.

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mjunction wins 5-year e-bidding contract from Directorate General of Hydrocarbons

mjunction wins 5-year e-bidding contract from Directorate General of Hydrocarbons


 Kolkata, July 24, 2017: mjunction services limited, India’s largest B2B e-commerce company, has been appointed by the Directorate General of Hydrocarbons (DGH) 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, and help the country to reduce its oil import bill by $8 billion annually, as per Petroleum & Natural Gas Ministry officials.

mjunction CEO Mr Vinaya Varma said, “I am happy that in addition to managing e-auction of spectrum for the Government of India, we have also been entrusted with the responsibility of building this platform. We have built up strong competencies in design and conduct of large value e-auctions, and I want to thank DGH for this nationally important contract.”

DGH is the nodal agency under the ministry of Petroleum and Natural Gas for allocation of oil and gas fields to interested bidders for exploration and production activities. Mr Varma said that mjunction will customise its e-bidding software to provide facilities to electronically receive and evaluate bids and to automatically allocate oil and gas fields under the Hydrocarbon Exploration and Licensing Policy (HELP) framework, which was introduced in 2015. HELP replaced the 18-year-old New Exploration Licensing Policy (NELP), and is expected to remove its various limitations which led to inefficiencies in exploiting natural resources.

This new policy will not only enhance domestic oil and gas production, it will bring substantial investment in the sector and generate sizeable employment, Ministry officials informed. The current import in energy sector, in oil, gas and petroleum sector is 82%, and after implementation of HELP, at least 10% reduction in import is expected by 2022, they added.

 HELP has introduced a uniform licence for exploration and production of all forms of hydrocarbon, an open acreage policy, an easy to administer revenue sharing model and marketing and pricing freedom for the crude oil and natural gas produced.

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mjunction wins Nasscom East IT Awards 2017

mjunction wins Nasscom East IT Awards 2017


mjunction services ltd., India’s largest B2B e-commerce company, has been awarded the prestigious Nasscom East IT Awards 2017 in the  Enterprise category, which is the top category at Nasscom East IT Awards,  2017.

Mr. Vinaya Varma, CEO of mjunction said, “I thank NASSCOM for the recognition. The award is a testimony to the trust that more than 2 lakh businesses have placed on our B2B platforms to buy or sell more efficiently. Our work is not over, we want just more clients to share their requirements related to sales and procurement.”

The event was graced by West Bengal Chief Minister Ms. Mamata Banerjee, finance minister Mr. Amit Mitra and IT minister Mr. Bratya Basu. While the CM commented on the future of SEZ in West Bengal, she also promised the industry body on ease of doing business in the state.

The Nasscom East IT Awards 2017 was divided into three categories: Growth, Emerging and Enterprise. Tata Consultancy Services was also awarded in the Enterprise category. Factors such as the contribution towards IT, business operations and the company’s future prospects were considered while awarding the companies.
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mjunction wins the prestigious Nasscom East IT Awards 2017



mjunction services ltd., India’s largest B2B e-commerce company, has been awarded the prestigious Nasscom East IT Awards 2017 in the  Enterprise category, which is the top category at Nasscom East IT Awards, 2017.

Mr  Vinaya Varma, CEO of mjunctio said, “I thank NASSCOM for the recognition. The award is a testimony to the trust that more than 2 lakh business have placed on our B2B platforms to buy or sell more efficiently. Our work is not over, we want more and more businesses to share their requirements related to sales and procurement”

mjunction wins the prestigious Nasscom East IT Awards 2017

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Imparting education to the underprivileged through digital means mjunction’s CSR activities to nurture future talents


Kolkata: Sudipta Mandal, a class V student from Jnyanodamoyee High School shares her experience, “The audio -video presentation has been a first time experience for me. The subject becomes so easy to follow when presented on a large screen. Since the inception of English Lab, I have improved my vocabulary and grammatical sense. It has also helped me a lot in using a computer device”. Sudipta has been attending mjunction’s flagship School Integration Program (SIP) and English Lab for the past few months.

District schools have been reaping the benefits of mjunction’s CSR activities. With an aim to impart digital literacy to the underprivileged sections of the society, mjunction launched their flagship School Integration Program (SIP) back in 2015. The program has been specifically designed for implementation at the grassroot level, targeting those areas where resource and infrastructure is scarce.

In today’s world the foundation of an individual lies in her ability to communicate. As India moves towards a digital age, the knowledge of computer application has become an essential requirement for getting employed. However more than others, the students who miss out on communication and basic computer skills are from the less privileged sections of our society. Poverty, lack of infrastructure, poor teaching skills of primary teachers are some of the reasons for this.

The government has envisioned skill development and employment of 40 crore people by 2022. The employment of skilled labour force will make India a ‘human resource capital’. To execute this proposed idea, Skill India campaign was launched in July, 2015.

mjunction services limited, a b2b e-Commerce company has been providing educational opportunities to the underprivileged sections of society. The CSR activities are mainly done via SIP (School Integration Program) and English Lab with the help of ejunction, a trust promoted by mjunction.
mjunction CEO Mr.Vinaya Varma shared, “We have a comprehensive CSR policy which focus on the betterment of the marginalized society. We are providing digital literacy at the grassroot level to achieve outstanding results in the future. Our main goal is to provide quality education through digital means and formulate a process where the child is learning the subject as well as getting exposed to technology.”

Rameshwarpur High School, Jnyanodamoyee High School and Jhowkhali Haat High School in the Kakdwip area had computer facilities that were non-functional. Through SIP these facilities were renewed and infrastructure support like computer and projection devices were made available. A total number of 5000 students have been trained in computer science since the inception of school integration program (SIP).
The SIP program subsequently revealed that students trained under the vernacular medium are weak in English language. To solve this problem, mjunction came up with an English program for SIP called ‘English Lab’. English lab has been mostly implemented in government sponsored schools. After an extensive study mjunction realized that the improper teaching of English was primarily because the teaching staff lacked sound knowledge of the English language which in turn resulted in loss of interest for students.

Mr. Alokesh Chawla, Principal of Jhowkhali Haat High School said, “SIP introduced the students to computer learning in a structured manner. We have added computer studies in the regular curriculum with both theory and practical classes. The English Lab program has reduced the fear of English among the students. We are witnessing improvement in pronunciation of English words. The audio-video presentation has introduced the concept of joyful learning for the first time in our school”.
Through EnglishLab, text books of class V, VI & VII of WBBSE (West Bengal Board of Secondary Education) got digitized. The entire text book is now ready with audio visual representation and proper grammatical support with a special focus on worksheets. This has been implemented in schools in the Kakdwip area such as Rameshwarpur High School, Jnyanodamoyee High School and Jhowkhali Haat High School.

Students of classes V, VI and VII attend the English lab classes 3 times a week along with their assigned subject teacher. An ejunction trainer helps the teacher to conduct the class through the digital medium. More than 600 students are getting benefited from this. Another interesting aspect of this program is that the teachers are also getting benefited with this ready knowledge bank.

About the company: mjunction services limited, India’s largest B2B e-commerce company and a joint venture between TATA Steel and SAIL was founded in February 2001. It offers a wide range of e-selling, e-sourcing, e-finance, e-retail and knowledge services across diverse industry verticals that empower businesses with greater process efficiencies. mjunction is an ISO 9001:2008, ISO 27001:2005 and a CMMI Level 5 certified company.

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mjunction e-auctions INR 110 Crores worth of rough diamond for PSU mining company

mjunction e-auctions INR 110 Crores worth of rough diamond for PSU mining company


Kolkata, May 25, 2017: Over 1 lakh carats of rough diamonds with a transaction value of INR 110 Crores  have been e-auctioned by mjunction for a PSU mining company. A significant development amidst the global slowdown in diamond industry, the e-auction process has successfully overcome the challenges in the gem and jewellery sector.

Speaking on this development, mjunction CEO Mr. Vinaya Varma said, “mjunction’s e-auction platform has helped the PSU mining company identify the right buyers and sell their product at the correct price. The online process ensured complete transparency, safety from unfair practices and efficient time management”.

mjunction reached out to a large number of buyers and undertook several measures to make the e-auction process successful. The widening of the bidder base was done with the help of social media marketing

Two offices were setup, one at the company’s diamond mining project site and another one at Mumbai. The offices were established for a better tripartite co-ordination between the PSU company, mjunction and the buyers. A robust auction platform was created by providing customer centric facilities to bidders.

In the last five years the diamond industry’s growth has been declining because of recessive demand in European markets and Chinese economic slowdown. The 2016 financial year saw a 60% slump in imports of cut and polished diamonds and a 16.17 percent downfall in imports of rough diamonds. The gem and jewellery sector contributes about 6-7 % of our GDP and forms an important source of employment.

Recently the Gem and Jewellery Export Promotion Council (GJEPC) has requested international miners to explore mining opportunities in India to keep up with the changing global scenario. Reports have appeared that a private entity is also open to taking charge of the diamond mine which Rio Tinto gave up in Madhya Pradesh. With such developments in the fray, mjunction’s online auction platform can be a game changer for the diamond industry. Leveraging digital technology for e-auction, e-distribution and e-procurement will be immensely beneficial in realizing the right market value to obtain maximum profitability. The adaptability to such mechanisms also gives a much needed impetus to government’s ‘Digital India’ mission.

About the company: mjunction services limited, India’s largest B2B e-commerce industry and a joint venture between TATA Steel and SAIL was founded in February 2001. It offers a wide range of e-selling, e-sourcing, e-finance, e-retail and knowledge services across diverse industry verticals that empower businesses with greater process efficiencies. mjunction is an ISO 9001:2008, ISO 27001:2005 and a CMMI Level 5 certified company.

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mjunction forays into the F&B sector


Foraying into the Food & Beverage industry, mjunction services ltd., India’s largest B2B e-commerce company has entered into an agreement with a leading private in-flight catering service provider in India. The engagement will solely focus on transforming the company’s procurement processes leading to improved efficiency with digital advantages.

mjunction forays into the F&B sector


CEO of mjunction Mr. Vinaya Varma said,” As part of this initiative, mjunction will not only be providing procurement consultancy but also executing the recommended purchasing processes to achieve desirable outcome. The engagement aims to fulfill the client’s objectives of: modernizing procurement processes and improving quality of Supply chain”.

The in-flight service provider is a joint venture entity and is the market leader in airline catering in India. It provides in-flight catering at Mumbai, New Delhi, Kolkata, Chennai, Goa and Bangalore and is also planning to expand to a few other cities. The company also has a visible footprint in the international in-flight catering sector.

With this collaboration with mjunction, the company aims to align itself to the high growth trajectory of inflight catering services industry in Asia Pacific.


About the company: mjunction services limited, India’s largest B2B e-commerce industry and a joint venture between TATA Steel and SAIL was founded in February 2001. It offers a wide range of e-selling, e-sourcing, e-finance, e-retail and knowledge services across diverse industry verticals that empower businesses with greater process efficiencies. mjunction is an ISO 9001:2008, ISO 27001:2005 and a CMMI Level 5 certified company.


Vinaya Varma is Chief Executive Officer of mjunction services limited.

Vinaya is a passionate believer in the power of e-commerce, technology and innovation in building effective, efficient and transparent supply chains to power B2B commerce. He is committed to ensure that all platforms, applications and services of mjunction continue to provide superior experience and business benefits to all its users. He actively encourages entrepreneurship and innovation within the company to build value creating solutions for the clients of mjunction and its selected supply chains.

Vinaya’s approach with clients and partners is focused on collaboration to create mutually beneficial long-term value. He takes special interest in driving ejunction, the CSR initiative of mjunction, which provides computer literacy to a large number of persons belonging to the disadvantaged sections of the society which helps them in finding suitable job opportunities.

Vinaya has been with mjunction since the inception of the organization in the year 2001, as a member of the founding team and has been instrumental in conceptualization, launch and ramp up of some of mjunction’s largest businesses.

Prior to joining mjunction, Vinaya was at Tata Steel, where he had worked in several functional areas encompassing Production, Planning, Sales and Marketing. He was also part of several big transformational projects at Tata Steel such as Business Process Reengineering, SAP R/3 and launch of Tata Steel's e-commerce portal.

He is a B. Tech from IIT Kanpur and has completed his Advanced Management Program from IIM Kolkata. In the year 2012, he was nominated for Tata Strategic Leadership Management Workshop (Harvard Program), which is designed for select senior executives of Tata group and its subsidiary companies. He is a Certified Professional in Supply Management (CPSM), from Institute for Supply Management (ISM), USA. He is a practitioner of Theory of Constraints and has attended several sessions of ToC at Goldratt House, Tel Aviv.

Beyond work, Vinaya likes to play with his dog and spends Sunday mornings tending to his collection of orchids, adeniums and bougainvillea on his terrace garden.

Vinaya lives in Kolkata with his wife and two sons.


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mjunction focuses on meritocracy with new compensation structure

mjunction focuses on meritocracy with new compensation structure

At a time when e-commerce startups are bleeding because of unrealistic compensation policies to mid and senior level employees, mjunction, India’s largest B2B e-commerce company has recalibrated its compensation structure to align itself with the company’s high growth trajectory. The new compensation structure has been designed keeping in mind the competitive market positions as well as employee preferences and has become operational from 1st April, 2017.

An organization is what its employees are made up of. Motivation for performance is one of the key factors which push employees to improve their performance thereby aiding in the company’s growth. Aggressive and higher reward components have been planned by mjunction to reward outstanding performers and create an agile workforce. mjunction’s salary model is a perfect balance between pro-growth and pro-employees in a high performance environment.

mjunction CEO Mr.Vinaya Varma said, “ With our company on the path of growth, the idea of such a restructuring is to reward meritocracy. The renewed mechanism will help in talent recognition, retention and create a high performance organization”.

The change in compensation structure at mjunction signals a shift from the policy of ‘one size fits all’. With a judicious mix of fixed and performance pay, the compensation structure will go a long way in fulfilling the aspirations of mjunction’s young workforce by enabling more cash in hand.
For the last few years, major IT companies have been moving out of the ‘Bell curve’ appraisal system and focusing on categorization of performance on monthly and quarterly basis rather than annual performance evaluation.

Till FY17, mjunction has recorded e-transactions worth Rs 5, 56, 858 crores.

About the company: mjunction services limited, India’s largest B2B e-commerce industry and a joint venture between TATA Steel and SAIL was founded in February 2001. It offers a wide range of e-selling, e-sourcing, e-finance, e-retail and knowledge services across diverse industry verticals that empower businesses with greater process efficiencies. mjunction is an ISO 9001:2008, ISO 27001:2005 and a CMMI Level 5 certified company.

Vinaya Varma is Chief Executive Officer of mjunction services limited.

Vinaya is a passionate believer in the power of e-commerce, technology and innovation in building effective, efficient and transparent supply chains to power B2B commerce. He is committed to ensure that all platforms, applications and services of mjunction continue to provide superior experience and business benefits to all its users. He actively encourages entrepreneurship and innovation within the company to build value creating solutions for the clients of mjunction and its selected supply chains.
Vinaya’s approach with clients and partners is focused on collaboration to create mutually beneficial long-term value. He takes special interest in driving ejunction, the CSR initiative of mjunction, which provides computer literacy to a large number of persons belonging to the disadvantaged sections of the society which helps them in finding suitable job opportunities.
Vinaya has been with mjunction since the inception of the organization in the year 2001, as a member of the founding team and has been instrumental in conceptualization, launch and ramp up of some of mjunction’s largest businesses.

Prior to joining mjunction, Vinaya was at Tata Steel, where he had worked in several functional areas encompassing Production, Planning, Sales and Marketing. He was also part of several big transformational projects at Tata Steel such as Business Process Reengineering, SAP R/3 and launch of Tata Steel's e-commerce portal.

He is a B. Tech from IIT Kanpur and has completed his Advanced Management Program from IIM Kolkata. In the year 2012, he was nominated for Tata Strategic Leadership Management Workshop (Harvard Program), which is designed for select senior executives of Tata group and its subsidiary companies. He is a Certified Professional in Supply Management (CPSM), from Institute for Supply Management (ISM), USA. He is a practitioner of Theory of Constraints and has attended several sessions of ToC at Goldratt House, Tel Aviv.

Beyond work, Vinaya likes to play with his dog and spends Sunday mornings tending to his collection of orchids, adeniums and bougainvillea on his terrace garden.
Vinaya lives in Kolkata with his wife and two sons.


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mjunction's e-platforms transform tea supply chain

mjunction's e-platforms transform tea supply chain

India is the second largest producer of tea in the world and over 75% of the tea is consumed within the country. The second most popular beverage in the world after water, tea comes in varying qualities and grades. Having been plucked from gardens across variety of regions, the tea makes its journey to our cups. In between, large tea buying companies package it for us, having procured it from auctions and bought leaf factories. It is this procurement process which is fraught with inherent inefficiencies in terms of transparency, presence of middlemen, price discovery and turnaround time, among other things.

In 2008, an e-auction process initiated by the Tea Board replaced the centuries-old public outcry system. However, this process had its limitations. For one, it was conducted only through the six registered auction centres in India. The sellers had to transfer the processed tea 14 to 21 days prior to the auction at the warehouses. As an owner of a bought leaf factory in Assam shared, “The current auction mechanism did not raise the volume sales for us. It took 2 to 3 weeks to send the tea for auction catalogue and another 2 weeks to receive the payment. We could auction our produce only when the auction date and time were issued and at the registered auction centre. Also, transporting our produce to the central warehouse which was far from the factory is time consuming.”

Five years later, in 2013, mjunction services limited, India's largest B2B e-commerce company, designed an online trading platform for a tea packaging company, one of the largest buyers of the country, which addressed and resolved these operational inefficiencies of the existing online system.

mjunction and the large buyer recognized that the demand for tea at these auctions had dropped considerably. In order to resolve this, a direct contact between buyers and sellers must be introduced, which will also eliminate intermediaries and other agents. The tea producers also detested the regulation which required them to sell at least half of their produce through auctions. Even the inventory of unsold tea bore additional working capital.

mjunction's solution

mjunction's online solution ensured that small tea producers got direct access to a large buyer. A bought leaf factory owner in Siliguri said, “With access to a large buyer, our cost of sampling and transport cost has reduced as we do not have to move our produce elsewhere before selling. Even the workers in our factories and the green leaf suppliers have benefitted through this as we are able to give them regular wages”.

The platform also brought about savings for the buyer with optimum price discovery and improvement in their hit rate. They got the first access to fresh tea from a wide base of suppliers, within a day or two of production. mjunction CEO Mr. Vinaya Varma shared that, “Earlier, this business was done independently by them, who eventually faced complexity in price negotiation and ambiguity on the efficiency and quality. mjunction simplified this entire procurement process and customized its web enabled platform to facilitate the discovery of market driven price”. Through mjunction’s tea trading platform, the buyer gets access to good quality tea from small tea producers in Assam, Dooars and the South India.

The IT platform makes the process scalable, enabling any number of sellers to deal with the buyer privately. Under a ‘supplier offer site’, suppliers offer their produce as per client requirement according to the given schedule. The platform allows them to offer tea through online competitive bidding in a transparent and convenient manner thereby instilling trust among the stakeholders. As more suppliers became aware of this system they wanted to be a part of it.

“There is an average of 60% YoY increase in the number of suppliers onboarded. The trading started off with 20 suppliers from the Dooars and Guwahati region in 2013-14 and increased to 50 in 2015. 25 more suppliers were added with few from the Southern regions as well by 2016. Now we have 110 suppliers in total. mjunction tea buying solution leverages its wider supplier base to deliver double digit savings in shortest period of time. ” Mr. Varma informed. The buyer procures 100-105 million kilograms of tea annually and mjunction contributes by helping them procure approximately 20% of it.

The quantity of tea procured in 2015-16 rose to 9 million kilograms as against the 8 million procured in 2014-15. Currently the buyer procures 20million kg through the platform. Mr. Varma added that: “We are in talks with many other large tea buyers which will bring about a better profitability for the small tea suppliers.”

Selling portals

mjunction has also introduced selling portals for three large tea producers. This platform is accessed by small buyers and distributors who sell it locally or package it for the local unit. It provides the sellers a greater access to buyers and also increases operational efficiency for both sides of the supply chain.

Tea Auction Centre

Tea board is planning to setup an auction centre in Jorhat, Assam. Being the ‘tea city’ of Assam it is central to all the tea growing districts in upper Assam. The proposed auction centre will aid the small tea growers in ease of doing business, aid local employment and bring in investments. Despite producing more than 50 per cent of the country’s tea, Assam has only one tea auction centre at Guwahati.

mjunction has applied for the mandate to provide the infrastructure and undertake responsibilities for e-auctions at Jorhat. Given the company’s successful profile in auction services, it clearly stands as a favourite. mjunction in the past has auctioned spectrum for DoT, Government of India, commercial papers for SAIL worth 700 crores etc. and has been actively involved in e-sales of steel and other minerals. mjunction’s auction services lead to a better price discovery by eliminating middlemen. The process has been acknowledged by industry people as transparent and punctual.

Catering to both sides of the tea supply chain, mjunction’s secure online platforms have thus been able to make a significant technology breakthrough into a traditional industry. With more and more buyers and sellers coming under its ambit, it is thus one step forward towards realization of a Digital India.
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FCI selects mjunction for e-auction of foodgrains


 Kolkata, March 22, 2017: In its endeavor to make its existing processes better to provide timely and transparent distribution of foodgrains to a 4000-strong buyer base across India, the country’s largest stockholder of foodgrains, Food Corporation of India, chose mjunction to auction foodgrains for two years beginning April 2017. The country’s largest B2B ecommerce player, on a war-footing, created a model in just 15 days addressing the existing pain points and creating a very efficient and transparent system.
FCI selects mjunction for e-auction of foodgrains


mjunction’s e-auction model will strengthen the distribution mechanism of FCI, which in turn has a key role to play in addressing challenges such as insufficient storage.

Significant process improvements brought in by mjunction include introduction of a single window for pan-India e-auction and an automated end-to-end service. The process automation will significantly reduce turnaround time, benefitting both buyer and FCI. A buyer will not have to open separate windows for each state auction and can access these auctions with a single login screen simultaneously. The buyer can also download the sale orders, release orders from multiple states using the same login ID from anywhere in the country.

CEO of mjunction Mr. Vinaya Varma said, “We are already in the agro-commodity market with tea. With this partnership, we are adding wheat and rice to our bouquet. A transparent, automated, customized and user-friendly mechanism has been devised, and I am certain that FCI will benefit immensely from our services. After metals, idle assets, rough diamonds and spectrum, this is one of the new areas that we are entering. Pulses, cotton, forest timber and produce are the other commodities that we are exploring.”

mjunction has started the empanelment of interested buyers from 20th March 2017.


About the company: mjunction services limited, India’s largest B2B e-commerce industry and a joint venture between TATA Steel and SAIL was founded in February 2001. It offers a wide range of e-selling, e-sourcing, e-finance, e-retail and knowledge services across diverse industry verticals that empower businesses with greater process efficiencies. mjunction is an ISO 9001:2008, ISO 27001:2005 and a CMMI Level 5 certified company.
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Half of India’s power plants to become obsolete soon, mjunction comes to aid



Out of 396 power plants, 188 are past the 25-year-mark – the ideal economic life. In fact, most of them are inching towards the 40-year mark. This alarming data came out of a research conducted by mjunction services limited, India’s largest B2B e-commerce company, and one which specializes in the inspection, valuation and e-sale of idle assets and hazardous scrap for power utilities.

After power utilities cross their ideal economic lives, they become inefficient and cost of producing per unit of power increases. In a developing country like India, where demand for power is increasing, this increase in cost of producing power also contributes to rise in power tariff.

These power utilities are required to be decommissioned like developed countries and disposed using the right approach and qualified domain experts.

mjunction has stepped in with an efficient e-solution for disposal using their experience and domain expertise. The service is initiated by onsite inspection, inventorying, segregation and estimation. – All of which culminate into an online sale to qualified and credible buyers which fetches the optimum price for the power plant. mjunction CEO, Mr. Vinaya Varma, said: “Our focus is on transparency and price discovery of such assets, which are not only economically unviable but also a hazard for the environment.”

A power plant spokesperson said: “Considering that we need working capital to expand our operations, it is imperative that we sell our defunct units and scrap at a competitive price in the shortest possible time. mjunction’s online mechanism thus works the best for us. From identifying the right buyers to devising the right auction strategy, it is an efficient package.”

He added that the manual system was time-consuming, constrained by location and most often did not fetch the right price, as often they would not be able to identify credible buyers. mjunction’s holistic services addresses and resolves all these issues.

The mjunction team’s inspection and estimation services entails visiting the plants, segregating the items into scrap, assets that can be refurbished, unused assets and hazardous items. It also involves inventorying the assets and sorting them it onto various categories based on its type and use. This service not only helps to recognize the life cycle time of the machineries but also identifies the hazardous items.


The inspection and estimation process is followed by devising selling strategies and customizing it to extract the best prices from the market. With its years of experience mjunction has established a wide base of credible buyers who recycle used assets, as well as government authorized resellers (MoEF certified). These buyers take care of the environmental norms in dismantling the machines in an eco-friendly way. The auction conducted by mjunction not only helps in the discovery of the best price within the optimal time but also ensures hassle free transactions for maximum satisfaction.

Mr. Varma said: “mjunction also conducts regular online events to sell regular generation of scrap (both ferrous and non-ferrous) and hazardous wastes, which helps the power plants to run their core process operations smoothly.”

Some events

mjunction offered valuation and estimation service to a power utility company - to sell its 4 x 120MW decommissioned thermal power plant by recognizing the value of the plant and assets. This was followed by an online sale on a PAN India basis using sealed bid and forward auction among credible buyers. Assets worth Rs 105 crore were sold at a premium of 23.5% over its expected price through the auctions.

To cope with the falling market, another company forwarded a mandate to mjunction to sell its de-commissioned thermal power plant using a transparent mechanism. mjunction adopted offline and online marketing initiatives for reaching out to eligible buyers. The company only wanted people with strong financial background to participate in the buying process so as to achieve best possible price. mjunction’s forward auction fetched a quote of Rs. 77.75 crores for the power plant and a better price realization.

Power plant life cycle 

After surpassing the ideal life cycle tenure, the efficiency of power plants usually goes down. As per the survey conducted by mjunction, the production capabilities of a thermal power plant get reduced by 40 per cent after surpassing its operational age of 25 years. The requirement of coal also keeps increasing thereby calling for derating of such plants.

The Central Electricity Authority (CEA) identified 57 coal based power units in India in 2015 which needed to be upgraded to become more efficient and reduce emission or be made to retire. Most power units marked by CEA, which were operating beyond 25years of age, had a capacity of 36000 MW only.

The thermal power plants are an essential backbone of the country fulfilling a large portion of the current power demand. Therefore it is essential to manage its assets and inventory in an effective way. De-commissioning plants will not mitigate the risk of accumulation of obsolete stock which is hazardous and leads to contamination.  Resourceful use of such expensive assets by putting them up for auctioning allows them to be re-cycled and used efficiently, thus preventing environmental hazards.

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Cementing the future with mjunction



 Kolkata: The cement industry in India is driven by the immense growth in housing and commercial sectors, infrastructure development, and construction of transportation eco-system. India, being the second largest cement producer in the world, and with infrastructure projects getting a tremendous boost, this industry is a priority sector for the country right now.

Challenges faced by the industry – 

The cement sector is plagued by certain operational problems related to distribution and distribution channels, procurement and thus requires streamlined, effective processes to address these. mjunction, through its basket of services, provides key benefits and solutions to these using innovative digital  technology to bring in efficiency and transparency.

mjunction CEO Mr Vinaya Varma said, “We contribute to the operational excellence of the sector, helping create a cost-efficient cement industry which henceforth leads to a quicker realization of the ‘Make in India’ dream.”

Loyalty solutions – 

A major challenge for the cement sector lies in engaging with trade partners and gaining mindshare, as most purchase decisions are influenced by opinion leaders and product differentiation is negligible. Building a database of this critical segment, and capturing the performance data to objectively reward, are not only cumbersome but also often ineffective in terms of actual and timely implementation. Hence a favourable, friendly and motivated distribution channel is a key need of this sector.

mjunction, using its analytics capabilities, enables in improving the channel performance by up to 7% by designing, implementing and managing a structured loyalty and gifting programme for the re-sellers. A leading cement company, which wanted to make its existing loyalty or recognition programme more effective for its influencers such as engineers, dealers and contractors, engaged mjunction for the same. The company said that mjunction digitised its programme completely, bringing in greater efficiency and reducing cost. Using digital technology to capture real time leads, this completely online solution already has almost 60% of the company’s dealers and nearly 50% of its influencers under its ambit.  

Analytics brings in a greater degree of correlation between the quantum of sales facilitated by the contractors and engineers and the rewards received by them.

A spokesperson of the company said, “mjunction’s programme is all-encompassing. Recently, they conducted a tambola game completely online for 2,700 of our dealers. This was a part of the loyalty programme. For the winners, gifting will also be sourced from their online portal. For us, these programmes are marketing efforts that recognize the contribution of the channel partners and reward them to encourage loyalty behaviour. mjunction is helping us to do it in a streamlined and structured manner,” he added.

Cost Reduction – 

Procurement of key cost drivers such packing bags, which comprise a lion’s share of the distribution cost, was a huge headache earlier for cement companies. e-procurement supplemented by mjunction’s knowledge intensive e-sourcing strategies, have made it seamless, efficient, cost-effective and transparent process.

Also, logistical concerns such as the shortage of railway wagons and inadequate rail links, makes the roadways a preferred mode of transportation. Hence, identifying the right logistics provider who will provide the service at optimum cost is important. Coal and other raw materials lack adequate number of vendors and hence the production cost of cement usually goes up.  mjunction aids procurement of these as well as non-critical items. Through e-tendering and outcome-based dynamic e-negotiation strategies, the company aids cement companies in finding the optimum vendor.

“mjunction’s live bidding platform eliminates the involvement of intermediaries, ensuring that the price arrived is completely market driven,” said a cement company. This leads to savings and reduction in the time cycle for sourcing of materials.  For the cement companies, it cuts down on both the manual negotiation process as well as the time taken to do that.

Using this service, mjunction has facilitated the procurement of PP bags for leading cement companies and has delivered savings of up to INR 5.63 cr. It has also procured raw/washed coal for a cement major resulting in up to 8% savings.

Value maximization 

India produces 300 million tonnes (mt) of cement annually, with a forecast capacity of 550 mt by 2020. Massive capex spends amounting to Rs 300,000 crore have been planned for replacement of old plants. Expansion plans and production increase is inevitably accompanied by generation of idle assets, which includes decommissioned units, and scrap. Disposing them is a time-consuming and arduous process, which begins with manual tendering, speaking to each buyer, negotiating with them and finally arriving at a price. For the buyers too, it means frequent travel, involving time and cost, due to which the entire process had become cumbersome.

According to a leading cement plant, “mjunction’s e-auction process has helped us to sell the various types of scrap generated across all our plants, including few in remote locations, at a fair market price and reduced cycle time when compared to our manual and offline processes. We have experienced good numbers of buyer’s participation in the e-auctions and the best part is that it is convenient and hassle-free for us and buyers both.” mjunction informed that it has done inventorying and valuations of decommissioned units, and for various types of equipment for leading cement companies. When it comes to e-selling, it devises customised auction strategies based on the needs of the client, nature of the asset and market scenario, he informed.
 

  
Future plans – 
 
The dealers and distributors, who are a crucial success factor for any cement manufacturing industry, face challenges while buying industrial items which require huge working capital. mjunction plans towards identifying the pain points of such industries plagued by follow up for payments, constricted demand, operational cost et cetera, to create a win-win situation for both the company and the channel partners. It has banks and financial institutions on board to provide access to finance at essential points of the transaction lifecycle at competitive terms (with conditions applied), thus increasing the buyer base for the industry and also enabling the dealers to fund bigger buys. This programme has been running successfully in mjunction for leading steel companies.

Despite the convenience, transparency and effectiveness of online programmes and transactions, there is a skepticism which still exists in a traditional sector such as cement. mjunction has taken up this challenge to instil more trust and confidence in the minds of all stakeholders about the online systems. 
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mjunction conducts e-auction of commercial papers worth Rs 700-crore for SAIL


Kolkata, 20th of January, 2017: mjunction services limited, India’s largest B2B e-commerce company, successfully conducted yesterday an e-auction for commercial papers (CPs) worth Rs 700 crore for  Steel Authority of India Limited (SAIL). For SAIL, this was a significant step towards adopting a business practice that is completely technology-driven, and thus a step forward in the government’s Digital India programme.

mjunction conducts e-auction of commercial papers worth Rs 700-crore for SAIL


SAIL said: “For SAIL, this e-auction conducted by mjunction of commercial papers has led to better price discovery. The process was structured, less time consuming, has a scope for greater participation and above all transparent.”

Mr Vinaya Varma, mjunction CEO said, "We have the most technologically-advanced platform as an electronic book provider (EBP) for debt market instruments like commercial papers or bonds. From initiating bids till final issuance, our platform is completely automated ensuring total transparency to all stakeholders."
mjunction has been a pioneer in electronically transforming supply chains of steel and coal, bringing in efficiency and transparency to the way they were bought and sold. Today it exists in diverse sectors spanning the entire B2B e-commerce spectrum. Very recently, it conducted the e-auction of telecom spectrum for the second time for the government of India’s Department of Telecommunications.

About the company: mjunction services limited, India’s largest B2B e-commerce industry and a joint venture of TATA Steel and SAIL, was founded in February 2001. It offers a wide range of e-selling, e-sourcing, e-finance, e-retail and knowledge services across diverse industry verticals that empower businesses with greater process efficiencies. mjunction is a ISO 9001:2008, ISO 27001:2005 and a CMMI Level 5 certified company.
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Pre-budget expectations quote from UrbanClap , Carzonrent, Timesaverz , Ecorentacar , SaleBhai , SHEROES , ExportersIndia.com, Onlymobliles.com,mjunction


Pre-Budget expectations quote on behalf of UrbanClap , Carzonrent, Timesaverz , Ecorentacar , SaleBhai , SHEROES.in , ExportersIndia.com, Onlymobiles.com :-

1. Quote on behalf of Mr. Abhiraj Bhal(Co-founder, UrbanClap) :-

Quote on behalf of Mr. Abhiraj Bhal(Co-founder, UrbanClap) :-


"Keeping the startup industry in mind, the most important thing for a government to do, is to steer clear of setting too many policies and rules as well as making doing business very straightforward and easy. Minimum governance is actually very good."

2. Quote on behalf of Ms. Shylaja Shreedharan, Head of Finance of Timesaverz 

Quote on behalf of Ms. Shylaja Shreedharan, Head of Finance of Timesaverz

"Government is being sustained with high tax collection due to demonetization hence expect the budget to propose low personal & Corporate tax rates. Start-up India Campaign Initiatives which kick started in last year would yield and benefit, if more of Indirect and Direct tax incentives are announced by the government. "Digital India" a buzz word after demonetization drive - expect some tax exemption for digital transactions which will be a good incentive for E commerce startups"


3. Quote on behalf of  Ms. Sairee Chahal,Founder & CEO,SHEROES.in

Quote on behalf of  Ms. Sairee Chahal,Founder & CEO,SHEROES.in


“We look forward to more investment in healthcare and education sector. It would also be nice to see some work around lowering women tax and making the items affordable there by working on gender parity. And lastly, would be great to have support for the startup world.”

4. Quote on behalf of Mr. Rajiv Vij (MD & CEO, Carzonrent.com) 

Pre-budget expectations quote from UrbanClap , Carzonrent, Timesaverz , Ecorentacar , SaleBhai , SHEROES , ExportersIndia.com, Onlymobliles.com

"On various occasions the Government has spoken about its strong agenda around ‘Smart Cities’. It will be a welcome step on the Finance Minister’s part to spell out specific initiatives to be implemented during the course of the year along with related budgetary allocations and measures to address the crowded metro cities’ rampant urbanization in the past by bringing about planned development, which match global standards of modern cities in developed economies. This will go well for the estimated $150 billion foreign investment the sector needs.
The major concern in the development process is inadequate infrastructure, congested roads, parking problem and increasing  pollution levels ,where the solution lies in the introduction of shared economy in urban mobility complemented by technology to encourage change in car ownership pattern. This can remove 25 on road cars with one car – thus reducing traffic woes and easing pressure of creating parking infrastructure for exploding population of automobiles owing to improving economic profiles of households. Introduction and clarity of policy and regulatory framework in urban car rental services’ formats, like self-drive/ car sharing will help the cause and also encourage investments in the segment. Allowing private car owners to share their cars with others using car sharing platforms and removing inter-state entry tax on cars/taxis will be welcome steps”

5. Quote from Mr. Sunil Kumar Gupta, Founder & Director, ExportersIndia.com:

Quote from Mr. Sunil Kumar Gupta, Founder & Director, ExportersIndia.com:


"With the demonetization drive and the digital push, it has dawned on the SMEs that shifting their business online is the need of the hour and they are looking ahead expectantly on the upcoming budget. The government’s intention of lowering Corporate Tax to 25% announced in FY 16 has raised hope for a further plunge this year anticipating a drop up to 18%, including all surcharges and cess with withdrawal of all tax incentives, concessions etc. This would not only boost the overall tax revenue, lead to job creation but also turn India into an attractive international investment destination. With cashless economy and the given trends of incentivising cashless transactions on focus, it seems that more such schemes encouraging digital payments in the FY 17 may be announced that are sure to set the cash registers ringing for online businesses. GST is one of the best things to happen to B2B E-commerce; its early implementation and addressing issues related to Tax Collection at Source, treatment of refunds and cancellations etc. should spur the growth of SMEs. Additional measures to strengthen the Government initiatives such as ‘Make in India’, ‘Start up India’ and ‘Skill India’ is sure to be in consideration and will boost the growth of entrepreneurial SMEs."

6. Quote on behalf of Mr Aditya Loomba, Joint Managing Director, ECO Rent A Car.

"I expect this year's budget to be a special one focusing on key growth agendas of our government. I hope that this years budget provides much needed stimulus to tourism, road infrastructure and the hospitality industry. The performance of the car rental industry in FY16 has been varied

It is crucial to bring more power in to related sectors like transportation, tourism, automotive, construction, etc. which will help to boost the GDP of the Country.

It is equally important to put a thrust on the improvement of  the road infrastructure  as this will  benefit  the mobility services providers, like us, as people will see improving road network enable them to plan their travel by road, reduce travel time, de-congest the existing roads as alternate routes will be developed.Also, this  will boost the car rental sector and encourage people to undertake more trips via using self-drives or other options of car-rental services."

7. Quote on behalf of Mr. Vishwavijay Singh, Co-founder, SaleBhai.com:


"We still have to see proper implementation of the slew of initiatives announced in the last Budget session. While a tax holiday of not less than five years would help startups, even the three-year relaxation for those set up between April 2016 and March 2019 is underutilised because of the tedious registration process.
I feel the government also needs to set aside indigenous funds to support the startup ecosystem in the country and decrease its current dependency on foreign funds.
Another much-needed change is required in the banking sector. Both private and government banks need to have a policy in place for startups. Apart from help in opening accounts, there isn't anything on offer. We hope to see some dramatic changes and concrete steps being taken to help startups, especially e-commerce, from the upcoming Budget."

8. Quote on behalf of Mr Shrutam Desai, Co Founder, Onlymobiles.com 


"This budget is very important as we are expecting it to be the foundation stone for GST rollout. Govt should step forward and provide more clarity over dual layer GST structure - state GST & centre GST. We expect government to make TDS claims process easier. Service tax eats big chunk of the profitability right now. and there are instances where we are seeing dual taxation on the same service. Govt should act upon the same. Though govt cannot force state governments at this juncture but central govt must push state govt to abolish entry taxes which are being levied by different states.'

9. Quote on budget expectations from Mr. Vinaya Varma, CEO of mjunction

Expectations from Annual Budget 

"I look forward to a budget which carries forward the Prime Minister's vision of a Digital India in the truest sense of the term. Let e-governance be the order of the day, and let e-payments and digital wallets be more incentivised in order to eradicate corruption from its very roots. I am also looking forward to implementation in letter and spirit of the Prime Minister's Startup India programme.  This will boost innovative thinking and fresh ideas so crucial for India's economy now."

Apart from this kindly let us know if you are interested for a telephonic interaction with Mr.Varma to discuss on the following talk points:

•             e-commerce in coal, steel and tea sector

•             Future and growth plans on mjunction

•             Demonitisation and the impact on our economy

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Resolving unemployment: Role of B2B e-commerce


Employment Scenario in India

Resolving unemployment: Role of B2B e-commerce


India could face a shortfall of 20 million jobs over the next decade, says an HSBC report. We all can imagine what that means for the youth of the country that so prides itself in having 50% of its population below the age of 25 years. According to Labour Bureau, unemployment rate in India has shot up to a five-year high of 5 per cent in 2015-16. On one side, number of engineering colleges and institutions of higher education continue to churn out thousands of qualified students while on the other, the lack of employment opportunities render them unemployed or underemployed. And thus the great divide widens.

Employment scenario in Eastern India

The situation is alarming in the eastern region of the country, resulting in brain drain towards the more opportunity-fertile lands. Industry as well as small and medium enterprises, which are generators of jobs in our country are very limited in this region. Hence, people, especially the youth, here have limited options as far as employment opportunities are concerned. Also, unemployment through the years has induced hopelessness among the youth, who prefer to study and work elsewhere. Various reports have confirmed this, which shows a spike in supply of talent from West Bengal to other regions. Other cities have created a niche for themselves in the job market in comparison to cities in eastern India. Also, other regions offer attractive remunerations with as much as 35% more salary than what is given for jobs around the eastern region.

e-commerce revolutionizing the employment scenario 

With the government’s drive towards “Digital India”, a solution to this has been initiated by the e-commerce sector. e-commerce has a potential of creating 12 million new jobs across the country according to the report by HSBC. Hence, this sector could fill half the unemployment gap with jobs across marketing, IT, logistics and procurement, among others.

‘Employability’ a rising concern of the e-commerce industry

The need of the hour is a workforce with competitive minds, skilled in technology, marketing and communication skills, with a focus on managing projects. Such is emphasized by Mr. Vinaya Varma - CEO of mjunction services limited, the largest B2B e-commerce company in the country. He raises the concern of “employability” saying, “We believe in building talent rather than buying talent. We hire fresh talents from reputed B-Schools and engineering institutes and train them to become better managers and good future leaders.”

The education system focuses on granting a degree and not education per se. The industry demands skill not theory, hence institutions should allot time and effort towards making the students market ready. The institutions need to create an environment where the students get a real world feel and value the importance of developing communication skills and well as skills in handling real-life projects better. With the world striding towards technology, institutes must also align specific subjects catering to the market needs and mentor students with increased interaction opportunities between industry and technology. Students must engage with real work related to study and turn experience into an opportunity. The lack of such practices maybe a major reason behind the students struggling to get placed in the challenging market. Premier institutes like IITs also mirror this scenario with 23% of the IIT Bombay students being jobless in the year 2013 according to a report. Similarly, 33% of the 1.5million engineers passing out every year run the risk not getting hired.

B2B e-commerce sector generating employment 

The industry survey report has suggested that the e-commerce industry is expected to contribute around 4% to the GDP by 2020. In this sector the B2B industry comprises 90% of the global e-commerce transactions, leaving 10% as B2C e-commerce. In this regard, Mr. Varma says, “In India, most transactions are in the nature of B2B with the increase in MSMEs created under the Make in India banner”. Hence youngsters must not miss out on exploring a more fulfilling career opportunity in the B2B e-commerce sector. This sector is creating more job opportunities, as it is picking up stream with the rising venture capital investments which have grown 300% at $85million in 2016.

Land of opportunities

The scope of work in an e-commerce industry is huge. This industry has survived the dot-com bust and is clearly redefining the marketplace. While technology is the backbone of this industry, business along with various other support functions are equally essential in an e-commerce environment.

Fresh graduates, especially engineering and management, need to explore their potential in an e-commerce industry. Be it sales, technology, marketing, finance, human resources, communications, branding, what have you, the world is your oyster.

An IMT Ghaziabad recruit placed at mjunction, India’s largest B2B ecommerce player, Mr Deepak Pinnity shares his experience, says, “I am working for the Technology department at mjunction. Bringing a fresh perspective is valued in the organization. mjunction also provides employees with the freedom to explore and improvise existing processes and not necessarily stick to fixed protocols.” A technology-based business environment as this works with IT and business professionals, who can use their expertise to provide efficient solutions to customers.

Kolkata-headquartered mjunction has a work force, primarily youth, of over 800 employees. Management trainees are recruited from premier B-schools like IIM Shillong and Ranchi, IIT’s management departments, DSE, IIFT Delhi, IMT Ghaziabad. Executive trainees are hired from B-schools like Praxis, Army Business School, and IISWBM and Engineers are placed from NITs and IIESTS, among others

While students from both science and commerce streams can opt for a career in an e-commerce industry, mjunction also provides an opportunity for students in humanities or mass communications. mjunction publishes magazines on steel and coal which offers insights into the sectors.

The business potential of a B2B industry has no bounds, it is aggressively targeting territories that it has not chartered before.

Mr. Kanav Ayri a new recruit from IIM Ranchi who is responsible for executing the marketing strategy for mjunction’s anytimeMRO shares, “I have had the opportunity to work in a start-up environment as our business unit is new, allowing me to gain valuable hands-on experience of operating a business”.

Thus B2B e-commerce provides a land of opportunities for fresh graduates who are eager to make a difference and are ready to think out of the box.


ABOUT THE COMPANY: mjunction services limited a joint venture between steel behemoths Tata Steel and SAIL and the country’s largest e-market places for steel and coal offers a wide range of e-selling, e-sourcing, e-finance, e-retail and knowledge services across diverse industry verticals that empower businesses with greater process efficiencies. Mjunction has service offerings spanning the entire commerce spectrum and it operates through-metaljunction.com, buyjunction.in, coaljunction.in, straightline.in, financejunction.in, valuejunction.in, and mjunctionedge. Mjunction also produces India Coal Market Watch and Coal Insights and along with IHS McCloskey organizes an annual Indian Coal Markets Conference. mjunction is a ISO9001:2008, ISO27001 and CMMI Level5 certified company.

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