FCI selects mjunction for e-auction of foodgrains

In its endeavor to make its existing processes better to provide timely and transparent distribution of foodgrains to a 4000-strong buyer base across India, the country’s largest stockholder of foodgrains, Food Corporation of India, chose mjunction to auction foodgrains for two years beginning April 2017. The country’s largest B2B ecommerce player, on a war-footing, created a model in just 15 days addressing the existing pain points and creating a very efficient and transparent system.

mjunction’s e-auction model will strengthen the distribution mechanism of FCI, which in turn has a key role to play in addressing challenges such as insufficient storage.

Significant process improvements brought in by mjunction include introduction of a single window for pan-India e-auction and an automated end-to-end service. The process automation will significantly reduce turnaround time, benefitting both buyer and FCI. A buyer will not have to open separate windows for each state auction and can access these auctions with a single login screen simultaneously. The buyer can also download the sale orders, release orders from multiple states using the same login ID from anywhere in the country.

CEO of mjunction Mr. Vinaya Varma said, “We are already in the agro-commodity market with tea. With this partnership, we are adding wheat and rice to our bouquet. A transparent, automated, customized and user-friendly mechanism has been devised, and I am certain that FCI will benefit immensely from our services. After metals, idle assets, rough diamonds and spectrum, this is one of the new areas that we are entering. Pulses, cotton, forest timber and produce are the other commodities that we are exploring.”

mjunction has started the empanelment of interested buyers from 20^th March 2017.