JSW One Platforms raises Rs 340 cr from Principal Asset Management, others

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JSW One Platforms, the B2B e-commerce division of the JSW Group, on Tuesday announced a Rs 340-crore fundraise from Principal Asset Management and OneUp.

The conglomerate's steel arm JSW Steel also participated in the round, after which the JSW One Platforms' valuation catapulted to $1 billion making it enter the coveted unicorn club.

The valuation has jumped by over three times since the last round of funding in April 2023, a company statement said, adding that it had then raised Rs 205 crore from Japan's Mitsui & Co.

The newly raised capital will strengthen the national supply chain in steel and cement categories, deepen distribution and logistics networks across India, scale the fintech and Non-Banking Financial Company (NBFC) arms, and enable wider access to credit for Micro, Small, and Medium Enterprises (MSME), it said.

"We're solving critical pain points by combining our tech-led distribution model with JSW Group's strength in manufacturing. We are well-positioned to fulfil the ambitions of India's expanding MSME sector," Parth Jindal, chairman of JSW One Platforms, said.

Its joint managing director and chief executive Gaurav Sachdeva said the company's goal is to enable reliable procurement for MSMEs through quality materials, timely delivery, and the right credit solutions.

It aims to simplify sourcing and accelerate growth for over 5 lakh building and manufacturing MSMEs across the country, the statement said.