JSW Group’s B2B e-commerce venture, JSW One Platforms, has raised around $40 million in a fresh funding round led by Principal Asset Management, OneUp, JSW Steel and other investors, propelling the company to unicorn status with a valuation of $1 billion.
This latest capital infusion marks a three-fold jump in valuation since the company’s previous funding round in April 2023, when Japanese conglomerate Mitsui & Co. invested around $25 million.
Based in Mumbai, JSW One Platforms plans to deploy the new funds to strengthen its national supply chain in the steel and cement segments, expand its distribution and logistics networks across India, and scale its fintech and NBFC arms to enhance credit access for micro, small, and medium enterprises (MSMEs).
“JSW One Platforms is more than a marketplace, it’s how India’s MSMEs procure, finance, and grow. We’re solving critical pain points by combining our tech-led distribution model with JSW Group’s strength in manufacturing,” said Parth Jindal, Chairman of JSW One Platforms.“JSW One’s goal is to enable reliable procurement for MSMEs through quality materials, timely delivery, and the right credit solutions,” said Gaurav Sachdeva, joint managing director & CEO of JSW One Platforms.
“This capital allows us to expand our service network, scale our private brands and NBFC arm, and invest further in tech and logistics.”JSW One leverages JSW Group’s manufacturing expertise in steel and cement, integrating it with technology and financing solutions to offer an end-to-end digital procurement experience tailored for small businesses. The platform currently serves more than 500,000 building and manufacturing MSMEs across the country.
According to Tracxn data, the company has seen its turnover surging from Rs 17.2 crore in FY20 to Rs 1,421.9 crore in FY24 – translating to a five-year CAGR of 292%. However, the company’s net losses have also widened substantially, increasing from a profit of Rs 1.3 crore in FY20 to a loss of Rs 227 crore in FY24, reflecting the significant investments being made to scale operations and capture market share.