India-based B2B e-commerce venture of USD 22 billion JSW Group, JSW One Platform raised INR 205 crore (nearly USD 25 million) in funding. The company announced the fundraise on April 10, 2023. Japan’s Mitsui & Co led the financing for the company. The company raised the amount at a valuation of INR 2750 crore.
Purpose of financing for JSW One Platform
With the latest financing, JSW One Platform seeks to strengthen its market presence. It also has plans to enhance tech capabilities.
Meanwhile, the firm has plans to expand operations in newer geographies such as NCR, Gujarat, Rajasthan, Madhya Pradesh, and Chhattisgarh. In addition, the firm seeks to deploy funds in credit, logistics, as well as technology stack to improve customer experience.
What the company’s officials have to add
Parth Jindal, Director of JSW One Platforms, said, “Mitsui’s investment in the e-commerce business validates long-term strategic vision to capitalize on technology to take a strong leadership position in the B2B e-commerce sector. India has over 5 lakh building and manufacturing MSMEs, and as this number grows, JSW One aims to cater to all their building materials requirements through the company’s advanced and technology-enabled products and services.”
In addition, Gaurav Sachdeva, CEO JSW One Platforms, said, “Mitsui as the first institutional investor, will help the company penetrate deeper into the industrial and construction industries. We also look forward to bringing other industry segments onto the platform and will continue to leverage technology to be an industry-leading platform for MSMEs.”
What the investor has to add
Masaharu Okubo, Country Chairperson in India, Mitsui & Co, further said, “Our investment and partnership with JSW One Platforms signals not only our belief in the firm’s robust business model but also our conviction in the long-term growth prospects of the B2B e-commerce space, which was catalyzed by the COVID-19 pandemic. We look forward to working together to realize JSW One Platform’s strategic vision of becoming a key industry player in the region with our contribution to expanding supply source and wider product portfolio for targeting industry.”
About the company
In January 2021, JSW Group forayed into e-commerce to cater to India’s manufacturing as well as construction industries. JSW One Platform leverages JSW Group’s expertise in manufacturing and building materials, logistics technology and credit to serve MSMEs and other enterprises in India.
The company has plans to achieve breakeven by FY27. In FY24, the company expects a GMV of USD 1 billion with a 15 per cent contribution by non-JSW brands. By FY32, JSW One Platforms will contribute 20 per cent of JSW Group revenues.
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