Indian e-commerce giant Mjunction partners with blockchain startup SHIPNEXT

Mjunction Services, a 50:50 joint venture of two Indian steel conglomerate – the Steel Authority of India Ltd and Tata Steel, has partnered with blockchain-based shipping startup SHIPNEXT, India Blooms reported.

Founded in 2001, Mjunction is India’s largest B2B e-commerce company. Business volume of the company in terms of Transaction Value has soared from Rs 94.35 crore in FY’02 to Rs 6,58,108 crore in FY18.

With this partnership, Mjunction seeks to meet the growing needs of its clients such as vessel tracking, price benchmarking and cargo consolidation. It will also get direct access to SHIPNEXT’s panel of ship owners and operators.

“This alliance will provide superior value-added services to our clients,” Mjunction MD and CEO Vinaya Varma said.

Headquartered in Odessa, SHIPNEXT is a digital, automated, shipping marketplace and a blockchain-based ecosystem. It not only allows an instant matching of cargo with ship/transport mode, but allows for freight-auctioning, contract management (including Smart-contracts), freight exchange, and tracking.

“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,” SHIPNEXT CEO and founder, Alexander Varvarenko said.