JSW One Platforms Taps Bankers for $400M IPO

JSW One Platforms has appointed Kotak Mahindra Capital, JM Financial, ICICI Securities, and SBI Capital Markets as advisors for its planned $350–400 million IPO, targeted for 2027, reported Mint on Wednesday. The offering will include both a fresh issue of shares and an offer for sale by existing shareholders.

JSW One Platforms is the JSW Group’s digital B2B commerce venture, founded in 2018 and headquartered in Mumbai. It operates as a marketplace and distribution platform for MSMEs in manufacturing and construction, combining materials procurement, logistics, and embedded finance.

IPO Details

• Advisors: Kotak Mahindra Capital, JM Financial, ICICI Securities, SBI Capital Markets
• Size: $350–400 million (approx. ₹2,900–3,300 crore)
• Structure: Combination of fresh issue and offer for sale (OFS)
• Timeline: Listing expected in 2027
• Parent Context: Follows JSW Steel’s approval of a ₹811 crore stake sale in JSW One Platforms

Company Snapshot

• Business Model: Full-stack B2B marketplace for MSMEs in manufacturing and construction
• Ownership: JSW Group entities hold 78.76%, rest owned by funds and angel investors
• Financials: Net profit of ₹90 crore in FY26
• Growth: Became a unicorn in 2025 after raising ₹340 crore; later raised ₹575 crore in October 2025
• Expansion: Funds used to strengthen JSW One Finance Ltd, expand steel/cement supply chains, logistics, and MSME credit access. 

Financials & Growth

JSW One Platforms has shown rapid financial growth in recent years. In FY25, the company reported revenues of around ₹3,976–3,983 crore, marking a sharp 180% year-on-year increase. Its gross merchandise value (GMV) stood at ₹12,567 crore, reflecting strong traction in its B2B marketplace operations. By FY26, the company achieved a net profit of ₹90 crore, though this remains a relatively small contribution to JSW Steel’s consolidated earnings.

On the funding side, JSW One became a unicorn in May 2025 after raising ₹340 crore, followed by another ₹575 crore round in October 2025, which pushed its valuation to about $1.02 billion. The capital has been directed toward expanding JSW One Finance Ltd, strengthening supply chains in steel and cement, and enhancing logistics and credit access for MSMEs.

Market Context

• Sector Trend: B2B commerce firms like Moglix, OfBusiness, Zetwerk also eyeing IPOs
• Investor Interest: Bessemer Venture Partners projects $200 billion opportunity by 2030 in India’s B2B marketplaces
• Strategic Positioning: Aligns with JSW Group’s broader strategy of unlocking value through subsidiary listings

Risks & Considerations

• Market Volatility: IPO success depends on equity market sentiment in 2027
• Minor Contribution: JSW One’s profit contribution to JSW Steel remains small (0.35% of consolidated net profit)
• Execution Risks: Regulatory approvals and pricing decisions could delay or alter the offering

 Strategic Implications

• Liquidity Event: Enables JSW Steel to monetize its investment
• Capital Allocation: IPO proceeds expected to fund expansion in steel, cement, logistics, and fintech
• Group Strategy: Reinforces JSW Group’s push into digital B2B commerce alongside traditional steel operations

IPO Snapshot Table

Aspect	Details
Advisors	Kotak Mahindra Capital, JM Financial, ICICI Securities, SBI Capital Markets
IPO Size	$350–400 million (₹2,900–3,300 crore)
Structure	Fresh issue + Offer for Sale
Timeline	2027
Ownership	JSW Group 78.76%, rest funds/angels
FY26 Profit	₹90 crore

JSW One Platforms Raises Fresh Capital of ₹340 Cr, Enters Unicorn Club

JSW One Platforms Ltd., India’s leading tech-led B2B e-commerce platform, has raised ₹340 Cr 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 coveted unicorn status.

This milestone marks a valuation jump of over 3x from its earlier round of funding in April 2023, a testament to the platform’s strong product-market fit, resilient supply chain, and rapid business execution in just four years.

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. This will be enabled by building a robust tech stack that creates a truly 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 & 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 ₹205 Cr in funding from Japan’s Mitsui & Co., which helped scale its credit and logistics capabilities and expand into new markets.

JSW One Platforms raises INR 205 Crores in Series A funding round from Japanese investor Mitsui & Co., Ltd

JSW One Platforms, the B2B e-commerce venture of US$ 22 billion JSW Group, has raised INR 205 Crores from Japan’s Mitsui & Co., Ltd in a series A funding round. The Series A funding round values JSW One Platforms at over INR 2,750 Crores.

The digital adoption and desire to increase resilience in supply chains have prompted Indian MSMEs and enterprises to go online. In January 2021, JSW Group rolled out their e-commerce business, JSW One Platforms, to be an industry-leading platform within India’s manufacturing and construction industries. JSW One Platform 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. The company launched its e-commerce platform jswonemsme.com in July 2021 and has since become a trusted platform across the country. The company also operates a turn-key home construction business called JSW One Homes.

Mitsui believes that their investment in JSW One Platforms will lead to a restructuring of supply chain in India. JSW One’s digital platform will accelerate the digital discovery of supply across manufacturing and construction industries.

According to Mr Parth Jindal, Director of JSW One Platforms, “I am pleased to welcome Mitsui as an investor in JSW One Platforms. Their decision to invest in our e-commerce business validates our long-term strategic vision to capitalize on technology to take a strong leadership position in the B2B e-commerce sector. India has over 500,000 building and manufacturing MSME’s and as this number grows JSW One aims to cater to all their building materials requirements through our advanced and technology enabled products and services."

Mr Gaurav Sachdeva, CEO of JSW One Platforms, said, “We are delighted to have Mitsui as our first institutional investor. We are excited about their experience of working in the B2B industry across various markets in the world. Their investment will help us penetrate deeper into the industrial and construction industries. We also look forward to bringing other industry segments onto the platform and will continue to leverage technology to be an industry-leading platform for MSMEs."

Mr. Masaharu Okubo, Managing Officer, Country Chairperson in India of Mitsui & Co., Ltd. commented, “Our investment and partnership with JSW One Platforms not only signals our belief in the firm’s robust business model, but also our conviction in the long-term growth prospects of the B2B e-commerce space, which was catalysed by the COVID-19 pandemic. We look forward to working together to realize JSW One Platform’s strategic vision of becoming a key industry player in the region with our contribution for expanding supply source and wider product portfolio for targeting industry.”

JSW One Platforms will utilize the funds to strengthen its market presence and further enhance tech capabilities. The company plans to expand operations in newer geographies like NCR, Gujarat, Rajasthan, Madhya Pradesh, and Chhattisgarh to cater to the majority of the states in India and will also invest in credit, logistics, and technology stack to improve customer experience.

About JSW One Platforms: JSW One Platforms is the e-commerce venture of the US $22 billion JSW Group. It operates a B2B tech-enabled marketplace JSW One MSME, to service the building material needs of Industrial & Construction MSMEs in India. The company also operates a turn-key home construction business called JSW One Homes. JSW One Platforms is leveraging the combined strength of supply & distribution across JSW Group’s Steel, Cement & Paints businesses to build a fully integrated ecosystem for MSMEs and individual home builders.

Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania. Mitsui has about 5,500(Consolidated 44,000) employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries. Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world’s main mega-trends: sustainability, health & wellness, digitalization and the growing power of the consumer. Mitsui has a long heritage in Asia, where it has established a diverse and strategic portfolio of businesses and partners that gives it a strong differentiating edge, provides exceptional access for all global partners to the world’s fastest growing region and strengthens its international portfolio. Mitsui opened its first branch office in India in 1955. For more information on Mitsui & Co’s businesses visit, www.mitsui.com