This JSW Group start-up is India's latest unicorn
What's the story
JSW One Platforms, the B2B e-commerce arm of the JSW Group, has entered the unicorn club after securing ₹340 crore in a funding round that valued the company at $1 billion.
The funding round was led by Principal Asset Management, OneUp, and JSW Steel, among other investors.
This investment has tripled the company's valuation since April 2023, when it raised ₹205 crore from Japan's Mitsui & Co.
Strategic plans
Funds to strengthen supply chain and expand network
JSW One Platforms has said it will use the new capital to bolster its supply chain leadership in the cement and steel categories.
The company also intends to strengthen its distribution and logistics network across India.
Further, it plans to scale its fintech and non-banking financial company (NBFC) arms with an aim to extend credit facilities to micro, small, and medium enterprises (MSMEs).
Expansion goals
Aiming to enhance efficiency for MSMEs
Gaurav Sachdeva, Joint Managing Director & CEO of JSW One Platforms, said the company's goal is to enable reliable procurement for MSMEs through quality materials and timely delivery.
He noted this capital will help them expand their service network and scale their private brands as well as NBFC arm.
"We're building a supply chain that will continue to add efficiency for MSMEs across India," he added.