Mjunc­tion Ropes in Steel Big­gies to its Plat­form

The Economic Times - - Economy & Companies - Rakhi.Mazum­dar@ times­group.com

Kolkata: Mjunc­tion, one of the largest on­line ex­changes and a joint ven­ture be­tween Tata Steel and SAIL, has roped in steel play­ers such as JSW Steel, JSPL and Jin­dal Stain­less on its plat­form in the midst of the down­turn in do­mes­tic steel sec­tor even as it man­aged to achieve a 44% growth in bot­tom­line dur­ing FY16.

“In the last 18 months we have ac­quired ma­jor clients in the steel sec­tor such as JSW Steel, JSPL and Jin­dal Stain­less and Ut­tam Galva. This is part of our plan to reach out to po­ten­tial cus­tomers in all sec­tors. There is a good op­por­tu­nity for us to grow since we are fo­cused on gen­er­at­ing sav­ings for our cus­tomers and it is par­tic­u­larly use­ful in a dif­fi­cult eco­nomic sit­u­a­tion,” Viresh Oberoi, man­ag­ing di­rec­tor, Mjunc­tion ser­vices said. Mjunc­tion’s saw its top line grow 33% dur­ing the year even as its bot­tom­line went up 44%, he said. How­ever, since Mjunc­tion is not a listed en­tity he did not di­vulge ac­tual rev­enue and prof­itabil­ity fig­ures.

Mjunc­tion, a key player in the B2B (or busi­ness to busi­ness) area, is also look­ing at the en­try of Alibaba in the In­dian e-com­merce space and hopes to work along­side the Chi­nese in­ter­net gi­ant, Oberoi said. “We look for­ward to work­ing along­side Alibaba in In­dia. I am sure our so­lu­tions will be dif­fer­ent. Oberoi said while Mjunc­tion has grown largely with­out gov­ern­ment help, ex­cept for in­fra­struc­ture like spec­trum avail­abil­ity, roads, ports etc., it would look for a lev­elplay­ing field as far as pur­chase guide­lines are con­cerned since the gov­ern­ment is a big player in B2B seg­ment in In­dia.

Mjunc­tion, which con­ducted the gov­ern­ment’s telecom spec­trum auction in 2015, would like a proper eval­u­a­tion sys­tem in place with nom­i­na­tion route be­ing cho­sen as an ex­cep­tion rather than the rule. In­stead of the nom­i­na­tion route, we would like com­pet­i­tive bid­ding to be the norm for gov­ern­ment con­tracts. Ch­hat­tis­garh gov­ern­ment did fol­low that route and chose Mjunc­tion for end to end e-pro­cure­ment ser­vices worth .₹ 50,000 crore for all de­part­ments in the next five years — the first such out­sourc­ing con­tract for ‘source to pay’ e-pro­cure­ment of all de­part­ments by any state in In­dia.

It is also in the process of launch­ing a new por­tal MRO junc­tion which will com­ple­ment its ex­ist­ing plat­form buyjunc­tion and take it to the next level.

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