Comments
JSW One Platforms, the B2B e-commerce venture of $22 billion JSW Group, has raised ₹205 crore from Japan’s Mitsui & Co in a series A funding round. This funding round values JSW One Platforms at over ₹2,750 crore.
JSW One Platforms is planning to use the funds to strengthen its market presence and further enhance tech capabilities. It is also planning to expand operations in NCR, Gujarat, Rajasthan, Madhya Pradesh and Chhattisgarh.
It will invest the fresh funds in offering credit, logistics and enhance technology stack to improve customer experience.
JSW One’s digital platform will accelerate the digital discovery of supply across manufacturing and construction industries.
Also read: JSW Group to invest ₹4,000 cr in e-commerce platform
JSW One Platforms has plans to achieve breakeven by FY27.
In FY24, the company expects GMV of $1 billion with 15 per cent contribution by non-JSW brands. By FY32, JSW One Platforms will contribute 20 per cent of JSW Group revenues.
Currently, about 10,000 SKUs across steel, cement, paints and other allied categories are sold on the platform. It targets to have 25,000 SKUs by the end of this fiscal.
In January 2021, JSW Group rolled out its e-commerce business—JSW One Platforms—to be an industry-leading platform in manufacturing and construction industries.
It leverages JSW Group’s strength in manufacturing and building materials, tech-enabled logistics and credit to be a platform of choice for MSMEs and enterprises in India.
Mitsui believes that their investment in JSW One Platforms will lead to a restructuring of supply chain in India.
Also read: JSW Steel to decide on 10-mtpa expansion in April
Parth Jindal, Director, JSW One Platforms, said, “Mitsui investment in the e-commerce business validates long-term strategic vision to capitalise on technology to take a strong leadership position in the B2B e-commerce sector. India has over 5 lakh building and manufacturing MSMEs and as this number grows, JSW One aims to cater to all their building materials requirements through the company’s advanced and technology enabled products and services.”
Gaurav Sachdeva, CEO, JSW One Platforms, said, “Mitsui as the first institutional investor will help the company penetrate deeper into the industrial and construction industries.”
Other industry segments will also be launched on the platform and become an industry-leading platform for MSMEs by leveraging on technology, he added.
Also read: India may experience ‘below normal’ monsoon: Skymet
Masaharu Okubo, Country Chairperson in India, Mitsui & Co, said, “The investment reflects the company’s conviction in the long-term growth prospects of the B2B e-commerce space.”
The investment will contribute to JSW One Platforms to expand the supply source and widen product portfolio, he added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.