New Delhi, May 13 -- JSW One Platforms Ltd, a B2B digital marketplace for industrial material procurement, has raised Rs 340 crore ($40 million) from a group of investors, including its parent company, JSW Steel, at a valuation of around $1 billion (about Rs 8,500 crore).
The funding round saw participation from US-based Principal Asset Management, financial consultancy firm OneUp, and JSW Steel. The infusion will help JSW One expand its service network, scale its brand and non-banking finance arm, and invest further in technology and logistics infrastructure.
The company in a statement said the current round reflects a 3x increase in valuation since the previous round, taking its valuation to around $1 billion.
In 2023, Japan's Mitsui & Co had invested Rs 205 crore at a valuation of over Rs 2,705 crore ($330 million). As of March 31, 2024, Mitsui held an 8.20% stake in the company.
Estimates by VCCircle suggest that the new investments represent a minority stake of around 4.5%.
"The capital raised will strengthen national supply chain leadership in steel and cement categories, deepen distribution and logistics networks across India, scale the fintech and NBFC arms, and enable wider access to credit for MSMEs. This will be enabled by building a robust tech stack that creates a truly integrated and digital procurement journey for small businesses," the company said.
JSW One Platforms launched its e-commerce platform, JSW One MSME, in January 2021. The platform serves the manufacturing and construction sectors, primarily catering to the building material needs of micro, small, and medium enterprises (MSMEs) across India. Its core offerings include steel, cement, and paints.
The company leverages the JSW Group's $22-billion strength in manufacturing and building materials, tech-enabled logistics, and credit services. The group is investing around Rs 4,000 crore to build out the e-commerce platform.
Published by HT Digital Content Services with permission from VC Circle.