JSW One Platforms Secures $25 Mn From Mitsui

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JSW One Platforms, the B2B e-commerce venture of JSW Group, has raised INR 205 Cr ($25 Mn) in a Series A funding round at a valuation of INR 2,750 Cr. The funding round was led by Mitsui & Co Ltd, and the funds will be used to enhance tech capabilities, strengthen its market presence, and expand operations in new geographies, such as Delhi-NCR, Gujarat, Rajasthan, Madhya Pradesh, and Chhattisgarh. JSW One Platforms is a B2B tech-enabled marketplace that supports the raw materials needs of MSMEs, and it connects 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. JSW One Platforms aims to become a key industry player in the region and surpass the $1 Bn target by FY24. JSW Group plans to invest INR 4,000 Cr in JSW One Platforms over the next five years. The fact that JSW One Platforms has already surpassed INR 3,000 Cr GMV by the end of FY23 is a promising sign, and the startup’s target of crossing over $1 Bn by FY24 is even more ambitious. The recent investment from Mitsui & Co Ltd is expected to accelerate the supply chain model across manufacturing and construction industries, which is a positive development for the company’s growth plans.

Masaharu Okubo, the managing officer and country chairperson in India of Mitsui & Co Ltd, expressed his confidence in the robust business model of JSW One Platforms and the long-term growth prospects of the B2B e-commerce space. He also stated that Mitsui’s investment and partnership with JSW One Platforms will contribute to expanding the supply source and product portfolio for targeting industry and help realize the platform’s strategic vision of becoming a key industry player in the region.