 "E-com is fastest-growing channel for commercial transactions: Mjunction CEO")
Mjunction, a 50:50 joint venture between Steel Authority of India (SAIL) and Tata Steel, and now a major in e-commerce, has moved beyond its traditional strength in commodities trade to embark on new businesses. VINAYA VARMA, its MD and CEO, speaks to Jayajit Dash. Edited excerpts:
You recently forayed into real estate, auctioning commercial plots. Beyond UttarPradesh, which other states are on your radar? Are you also looking at tie-ups with real estate developers?
We entered the real estate sector with Uttar Pradesh Awas Vikas Parishad and are currently customising the platform for Uttar Pradesh State Industrial Development Authority, where e-auctions will begin. After we consolidate our position in UP, we will target other states.
How do you intend to expand your sports solutions division? Beyond cricket, how do you aim to engage on other popular sports?
There is a large opportunity for sports federations to bring transparency and efficiency in several areas. We have a tie-up with Sporty Solutionz to create digital solutions for cricket, as well as other sports.
In the railways sector, what bigger deals are you looking to seal?
We have worked very closely with the railways and RITES for successful completion of projects like jungle clearance, inventorying, valuation and e-auction. E-auction yielded Rs 94 crore for the railways through disposal of various assets at Dalmianagar in Bihar. We are keen to partner with the railways and its subsidiaries for providing a customised platform to sell their idle assets and scrap.
What is the estimated size of e-marketplace in India and how is it growing? What is your share?
With rising internet penetration, e-commerce is India’s fastest-growing and most-dynamic channel for commercial transactions. The Indian e-commerce market is expected to surpass that of America to become the second largest market. The market is expected to reach $64 billion by 2020 and $200 billion by 2026, from $38.5 billion in 2017.
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