JSW One Platforms Secures $25 Mn From Mitsui & Co Ltd

JSW Group’s B2B ecommerce venture JSW One Platforms has secured INR 205 Cr ($25 Mn) in a Series A funding round at a valuation of INR 2,750 Cr. The round was led by Mitsui & Co Ltd. 

JSW One Platforms will deploy the funds to strengthen its market presence and also enhance tech capabilities. The startup plans to expand operations in new geographies including Delhi-NCR, Gujarat, Rajasthan, Madhya Pradesh, and Chhattisgarh. 

It will further invest in building logistics, credit and technology stack to improve customer experience.

JSW One Platform, founded by Parth Jindal, is mainly a B2B tech-enabled marketplace that supports the raw materials needs of MSMEs. It claims to connect manufacturers to steel suppliers.

The startup sells mild steel, stainless steel, welding wires, cement and paints produced by JSW Group’s subsidiaries and other steel companies to MSMEs.  

“We are delighted to have Mitsui as our first institutional investor. We are excited about their experience of working in the B2B industry across various markets in the world. Their investment will help us 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,” said Gaurav Sachdeva, CEO of JSW One Platforms.

Earlier, JSW Group said that it will invest INR 4,000 Cr in JSW One Platforms in the next five years. The company further claimed that its ecommerce venture JSW One Platforms surpassed INR 3,000 Cr GMV by the end of FY23 and aims to cross over $1 Bn target by FY24. 

JSW Group further said that Mitsui’s investment in JSW One Platforms will accelerate its supply chain model across manufacturing and construction industries. 

“Our investment and partnership with JSW One Platforms not only signals 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. 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 for expanding supply source and wider product portfolio for targeting industry,” said, Masaharu Okubo, managing officer, country chairperson in India of Mitsui & Co Ltd. 

BuildMaadi, AS Steels and Steeloncall.com are some of the tech startups operating in India’s steel market segment.