Kolkata, May 10 (KNN) mjunction services limited, a B2B e-commerce company, has sold over 9,000 tonnes of scrap in FY19 on its platform for Mahindra & Mahindra (M&M). M&M has decided to make a shift from offline to online for selling the automotive steel scrap generated by its component manufacturers. The auto component manufacturers  are mostly the micro, small and medium enterprises (MSMEs).

Through this transparent e-auction process mjunction was able to deliver market prices for the steel scrap, helping M&M and its component manufacturers get a substantial increase over what they were receiving from the offline process.

Buyers from Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Uttar Pradesh and Uttarakhand participated in the e-auction of steel scrap at 12 auto component manufacturers of M&M.

Extensive market research, pan India exposure, a user-friendly platform and training for the buyers eased the online process for M&M and their suppliers.

According to M&M officials, “The e-platform of mjunction is robust and the auction process is transparent and sustainable. This exceeds our expectations, encouraging us to extend this e-auction process of sale from the premises of our other component manufacturers as well.”

“This is part of our continued efforts to digitise sectors that still use age-old offline methods. Extensive market research has gone into identifying the right buyers and developing a platform for M&M," said Vinaya Varma, MD & CEO of mjunction.