JSW One Platforms Enters Unicorn Club with $1 Billion Valuation

JSW One Platforms, the B2B e-commerce arm of the JSW Group, has announced that it has raised Rs 340 crore in a funding round led by Principal Asset Management and OneUp.

The successful funding round involved JSW Steel, the conglomerate's steel subsidiary, pushing JSW One Platforms' valuation to an impressive $1 billion, thus earning it unicorn status.

This latest valuation marks a significant increase from the last funding round in April 2023, when the company raised Rs 205 crore from Japan's Mitsui & Co.

The newly infused capital is set to enhance the national supply chain in the steel and cement segments, augment distribution and logistics networks nationwide, and scale the fintech and NBFC operations, providing easier credit solutions for MSMEs.

According to Parth Jindal, chairman of JSW One Platforms, the company aims to address critical challenges by synergizing a tech-driven distribution model with JSW Group's manufacturing prowess, positioning it optimally to support the ambitions of India's growing MSME sector.

Gaurav Sachdeva, joint managing director and chief executive, emphasized that the firm's objective is to facilitate reliable procurement for MSMEs with quality materials, prompt delivery, and appropriate credit options.

The company endeavors to simplify sourcing and boost growth for more than 500,000 building and manufacturing MSMEs across the country, the company statement indicated.

(With inputs from agencies.)