mjunction inked a pact with Tea board to set up new e-marketplace

Last Updated at: Apr 29, 2020

India’s leading B2B e-commerce platform mjunction has inked a memorandum of understanding (MoU) with Tea Board for introducing a new e-marketplace for tea. The innovative e-marketplace to be set up at Jorhat in Assam and it is expected to perform price-discovery and assist buyers and sellers in terms of time management and cost-effectiveness.

The MoU makes mjunction limited as the system integrator to design, develop, implement and maintain an inclusive e-auction platform for the Tea Board. The e-marketplace will be introduced to aid in transparent and market-driven price discovery.

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The secondary and tertiary buyers are expected to get on board with the new electronic-marketplace to reap the benefits. Though Assam produces the highest quantity of tea in India, it has only one auction centre to mediate the whole process of production to payment, it takes more than a month. The new platform is expected to shorten this cycle with easy to use automated catalogue management and to push price discovery.

Initially, the platform will handle about 200 million kg of tea grown in and around Jorhat and the system is expected to be in place by this September.

According to mjunction MD and CEO Vinay Verma, the new e-platform in Jorhat will act as an enabling medium between buyers and sellers in the industry, give them a wide range of services from a single platform.

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