Industry e-commerce Website www.mjunction.in Headquarters Kolkata | Area served Worldwide Number of employees 745 (2015) Founded February 2001 | |
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Type Privately held joint venture of Tata Steel and SAIL Key people Vinaya Varma - CEO
Viresh Oberoi (former)
founder CEO & MD Products e-auction, business process management, e-commerce CEO Vinaya Varma (1 Sep 2016–) Parent organizations Steel Authority of India, Tata Steel | ||
Esourcing buyjunction mjunction
mjunction services limited is a 50:50 joint venture of two Indian steel conglomerate – the Steel Authority of India Ltd (SAIL) and Tata Steel. It started operating in 2001 and was initially called metaljunction.com. Headquartered in Kolkata,West Bengal, it primarily facilitated the online sale of steel. Subsequently, it moved into new areas of business and now offers e-selling, e-sourcing, e-finance, e-retail and knowledge services across diverse industry verticals.
Contents
- Esourcing buyjunction mjunction
- Its my story viresh oberoi founder ceo md at mjunction services limited
- Financials
- Serving both sides of supply chain
- History
- References
mjunction was established to help redesign and improve business processes of a supply chain or an industry. This would in turn create value for the industry in a sustainable and scalable manner. mjunction has facilitated transactions worth more than INR 2 lakh crores. It operates through various domains, including metaljunction.com, buyjunction.in, coaljunction.in, autojunction.in, valuejunction.in, financejunction.in, straightline.in and mjunctionedge.
mjunction is an ISO 9001:2008, ISO 27001:2005 and a CMMI Level 5 certified company.
Its my story viresh oberoi founder ceo md at mjunction services limited
Financials
Viresh Oberoi, former CEO and MD, has led the company since its inception. From a fledgling start-up in 2001, the company has e-transacted worth over Rs 3,50,000 crores till FY'15. Business volume of the company in terms of transactions has increased from Rs 94.35 crore in FY'02 to Rs 151,108 crore in FY'15.
In FY16, the topline of the B2B e-commerce company mjunction grew 33% and bottomline went up by 44% as it focused on generating value for its customers in a particularly difficult economic situation.
Serving both sides of supply chain
mjunction exists on both sides of the supply chain and serves both sellers and buyers. It uses the Internet and online auctions with the objective of making the entire process of buying and selling steel transparent in India, freeing it up of intermediaries.
Influence of cartels in the buying of coal was minimized with the online bidding process. Smallest bidders can transact business here. Till date, mjunction has sold more than 500 million tonnes of coal in India through its e-auctions.
History
mjunction came into existence at a time when the dotcom boom had just gone bust and a B2B e-platform for steel sales was a risky and challenging business proposition. About 70 such exchanges existed worldwide and even while new ones were formed, some others were regularly closing shop. In the early 2000s, the Internet penetration in India was low and steel business was tradition bound.
The company was rechristened to mjunction services limited in 2007 from erstwhile name of metaljunction.com and broke away from the metals domain. It paid dividend over Rs 100 crore to its promoters, and has never gone back to them for more capital, though it continues to build new businesses till date.