mjunction services limited, India’s largest B2B e-commerce company, today conducted the first e-auction on its new tea e-marketplace at Jorhat, in partnership with Tea Board of India. The platform was formally launched by Assam Speaker Mr H.N. Goswami on the occasion of International Tea Day.
The inaugural e-auction event was conducted for Green, Orthodox and CTC teas across 38 tea gardens. More than 45 buyers bid for nearly 24,000 kg of tea.
The highlight of the inaugural event was Green Tea of Mahalaxmi Tea Estate sold at a premium of Rs 502 per kg. The tea was purchased by Guwahati based buyer Absolute Tea.
mjunction MD Mr Vinaya Varma said, “mjunction is committed to ushering in efficient and effective outcomes for the tea industry. I am confident this marketplace will benefit all its stakeholders in terms of increased reach, efficiency and shorter cycle time with the support of the entire tea community.”
“I am blessed to be a part of this historic sale, being the first sale of the Jorhat Tea Auction Centre-cum-emarketplace,” said Mr Bidyananda Barkakoty, owner of Mahalaxmi Tea Estate.
“Jorhat auctions represent a new start in these turbulent times and I am glad to be a part of it. The tea I bought for my online store absolutetea.in, was based on Quality Vocabulary provided, which is something new for tea auctions in India,” said Mr Jayant Jalan, owner of Absolute Tea.
In the wake of the Covid 19 crisis, there was a joint digital launch of the e-auction process by Tea Board Deputy Chairman Mr Arun Ray IPS and Mr Varma. All registered buyers and sellers also attended the launch digitally.
mjunction has signed an MoU with the Tea Board, as part of which it will act as System Integrator and design, develop and maintain the e-marketplace platform. The platform will significantly reduce the sales cycle time easing working capital burden, and will introduce innovations like Quality Vocabulary, will facilitate Logistics and provide transparent and easy finance for stakeholders.
This auction platform is based on ex-garden/factory model, where sellers using their username and password, can submit Garden Invoices (GI) and upload the tea details to be put up for auction, on the mjunction platform, without sending their tea to the warehouse. This model will drastically reduce the sales cycle time for stakeholders. The minimum lot size per invoice, to be packed by sellers, shall be five packages. The auction will be conducted once every week on Mondays. Depending on volume and process improvement, it may be scheduled twice a week later. On the mjunction platform, all important activities like catalogue closing, auction day and buyers’ prompt day shall be carried out on a Monday.
mjunction has designed the unique e-marketplace based on its experience spanning diverse commodities in the last two decades.