Mjunction sells 9,000 tonnes of Mahindra’s automotive steel scrap

Mahindra & Mahindra (M&M) has decided to make a shift from offline to online for selling the automotive steel scrap generated by its component manufacturers. Mjunction Services, India’s leading B2B e-commerce company, claims to have sold over 9,000 tonnes of scrap in FY2019 on its online platform for M&M.

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.

Through this transparent e-auction process, Mjunction says it 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.

M&M claims that the Mjunction e-platform 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.”

Vinaya Varma, MD and CEO of Mjunction (pictured below), said, “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.”

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

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