JSW One Platforms raises Rs 205 crore from Mitsui to enhance B2B e-commerce presence

JSW One Platforms, the business-to-business e-commerce arm of the Sajjan Jindal-led JSW Group, has raised Rs 205 crore ($27 million) in Series A funding from Japan’s Mitsui & Co. This is the first time the platform has raised capital from an institutional investor, and the funding was done at a valuation of Rs 2,750 crore ($367 million).

Launched in July 2021, JSW One Platforms aims to become a leading platform for micro, small and medium enterprises (MSMEs) and enterprises in India, leveraging the JSW Group’s expertise in manufacturing, building materials, tech-enabled logistics, and credit. The platform plans to use the funds to strengthen its market presence and enhance its tech capabilities. It will also expand its operations in newer geographies like NCR, Gujarat, Rajasthan, Madhya Pradesh, and Chhattisgarh.

JSW One Platforms is targeting to invest up to Rs 4,000 crore ($533 million) in the e-commerce business by FY27. The company aims to break even and start registering profits by FY27, by which time it is targeting to have a gross market value (GMV) of $5 billion on the platform.

Mitsui’s investment in JSW One Platforms signals its belief in the firm’s robust business model and the long-term growth prospects of the B2B e-commerce space, said Masaharu Okubo, the country chairperson in India of Mitsui & Co. JSW One Platforms’ CEO Gaurav Sachdeva added that Mitsui’s investment will help the platform penetrate deeper into the industrial and construction industries, and he looks forward to bringing other industry segments onto the platform.