JSW Group’s B2B ecommerce company, JSW One Platforms, has raised INR 205 Cr ($25 Mn) in Series A funding at a valuation of INR 2,750 Cr. Mitsui & Co., Ltd. led the round.
JSW One Platforms will use the funds to expand its market presence and improve its technological capabilities. The venture intends to expand into new regions, such as Delhi-NCR, Gujarat, Rajasthan, Madhya Pradesh, and Chhattisgarh.
To improve customer service, it will invest in logistics, credit, and technology.
JSW One Platform, founded by Parth Jindal, is primarily a B2B technology-enabled marketplace that caters to the requirements of MSMEs regarding primary materials. It purports to connect steel suppliers with manufacturers.
The startup sells to MSMEs mild steel, stainless steel, welding wires, cement, and coatings manufactured by subsidiaries of JSW Group and other steel companies.
“We are thrilled that Mitsui is our first institutional investor. We are impressed by their experience operating in the B2B industry in numerous global markets. Their investment will aid our expansion in the industrial and construction sectors. Gaurav Sachdeva, CEO of JSW One Platforms, remarked, “We also look forward to introducing other industry segments onto the platform and will continue to leverage technology to be an industry-leading platform for MSMEs.”
JSW Group previously stated that it will invest INR 4 Trillion in JSW One Platforms over the next five years. The company also asserted that its ecommerce venture JSW One Platforms surpassed INR 3,000 Cr in gross merchandise volume by the end of FY23 and intends to surmount the $1 Billion mark by FY24.
JSW Group added that Mitsui’s investment in JSW One Platforms will accelerate its manufacturing and construction supply chain model.
“Our investment and collaboration with JSW One Platforms not only demonstrates our faith in the company’s solid business strategy, but also our commitment in the B2B e-commerce industry’s long-term development prospects. Mitsui & Co Ltd.’s managing officer and country chair in India, Masaharu Okubo, remarked, “We look forward to collaborating with JSW One Platform to realize its strategic vision of becoming a key industry player in the region by expanding its supply source and broadening its product portfolio for targeting industry.”
BuildMaadi, AS Steels, and Steeloncall.com are examples of tech firms functioning in the Indian steel market segment.