mjunction expects 33 pc growth in revenue this fiscal

Business-to-business e-commerce player mjunction expects 33 per cent growth in revenues and profit, and projects expansion in gross merchandise volume at the same rate to touch Rs 88,000 crore in this fiscal.
Mjunction is a joint venture company of Tata Steel and state-run SAIL.
"Our GMV was Rs 63,000 crore in 2015-16. We only get a fraction of that as our fees. We expect GMV to grow by 33 per cent this fiscal to about Rs 88,000 crore. This will lead to 33 per cent growth in revenue and net profit," mjunction Services CEO Viresh Oberoi told PTI.
Mjunction provided technical solution for spectrum auction held in March 2015. The auction fetched record bids of over Rs 1.1 lakh crore to government. However, there was no auction of spectrum in 2015-16.

Government plans to conduct mega-spectrum auction in September in which mobile airwaves worth Rs 5.66 lakh crore will be put on the block. Mjunction is auctioneer for this sale as well.
The 17-year-old IT company started with a platform for selling metal and coal but at present has eight business units and it expects significant growth in new business vertical.

Mjunction claims that there are 75,000 sellers on its platform and about 1 lakh buyers.
"We expect that from 3 per cent last year, steel price is going to increase by 16-18 per cent this year. Steel and coal will contribute but most definitely the major portions will be coming from new businesses," Oberoi said.

Among new business lines, mjunction has made a foray into transaction for tea, ocean line chartering, tenders for governments etc.
The company is also expanding its regional and international presence to grow its business.
"We are entering Bangladesh now. The next story is international growth as far as our business is concerned. Today international growth is only 3-4 per cent topline, but we see that our international businesses start contributing at a larger part than that was contributing so far," Oberoi said.
The company has already entered in Dubai, Australia, Singapore and Thailand market.
"Thailand is just being signed up and for Bangladesh we are in discussion with clients. We have selected our local partner in Bangladesh," Oberoi said.