Mjunction Services, the largest e-commerce firm in India, has partnered with blockchain shipping startup ShipNEXT to improve efficiency across Mjunction’s supply chain.
Mjunction, a 50:50 joint venture of two Indian steel conglomerate – the Steel Authority of India Ltd (SAIL) and Tata Steel, is not only India’s largest eCommerce company, but also runs the world’s largest eMarketplace for steel. The company primarily facilitated the online sale of steel. Subsequently, it moved into new areas of business and now offers e-selling, e-sourcing, e-finance, e-retail and knowledge services across diverse industry verticals.
ShipNEXT, a digital, automated, shipping marketplace and a blockchain eco-system, allows instant matching of cargo with Ship/Transport mode. It also allows for freight-auctioning, contract management (including smart contracts), freight exchange and tracking.
Mjunction said that the partnership with ShipNEXT will allow them to fulfill the emerging needs of its clients, such as vessel tracking, price benchmarking and cargo consolidation. The partnership will also allow Mjunction to get direct access to ShipNEXT’s panel of ship owners and operators.
“This alliance will provide superior value-added services to our clients,” Vinaya Varma, MD and CEO of Mjunction.
Any ship operator or owner who wishes to take part in the transportation of cargo of Tata Steel, Indian Steel Bord or any other major Indian shippers to Register on ShipNEXT. The Know Your Customer (KYC) procedures of shippers will be managed by ShipNEXT.
“I am happy to partner with Mjunction on this and hope that mjunction’s large cargo base will help attract more traffic, as well as ship owners and ship operators on our platforms,” said CEO and founder Alexander Varvarenko.
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