JSW One Platforms earns unicorn status, raises Rs 340 Cr fresh capital

New Delhi: JSW One Platforms has raised Rs 340 crore of fresh capital, led by Principal Asset Management, OneUp, JSW Steel, and other investors.

This round brings the company’s valuation to $1 billion, earning it a unicorn status.

This status marks a valuation jump of over 3x from its earlier round of funding in April 2023.

The capital raised will strengthen national supply chain leadership in steel and cement categories, deepen distribution and logistics networks across India, scale the fintech and NBFC arms, and enable wider access to credit for MSMEs, said JSW One in a press statement.

This will be enabled by building a tech stack that creates an integrated and digital procurement journey for small businesses.

By offering an end-to-end ecosystem, including commerce, credit, and fulfilment, JSW One aims to simplify sourcing and accelerate growth for over 500,000 building and manufacturing MSMEs across the country.

Parth Jindal, Chairman, JSW One Platforms, said, "JSW One Platforms is more than a marketplace, it’s how India's MSMEs procure, finance, and grow.  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."

Gaurav Sachdeva, Joint Managing Director and CEO, JSW One Platforms, added, "JSW One’s goal is to enable reliable procurement for MSMEs through quality materials, timely delivery, and the right credit solutions. This capital allows us to expand our service network, scale our private brands and NBFC arm, and invest further in tech and logistics. We’re building a supply chain that will continue to add efficiency for MSMEs across India."

In April 2023, JSW One raised Rs 205 crore in funding from Japan’s Mitsui and Co.