JSW One Platforms Raises INR 205 Crore In Series A Funding JSW One Platforms will utilize the funds to strengthen its market presence and further enhance tech capabilities
By Teena Jose
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JSW One Platforms, the B2B e-commerce venture of $22 billion JSW Group, has raised INR 205 crore 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 crore. 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. JSW One Platforms will utilize the funds to strengthen its market presence and further enhance tech capabilities.
"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 SMEs 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," said Parth Jindal, director of JSW One Platforms.
According to an official statement, Mitsui believes that their investment in JSW One Platforms will lead to a restructuring of the supply chain in India. JSW One's digital platform will accelerate the digital discovery of supply across manufacturing and construction industries. 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.
"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," said Masaharu Okubo, managing officer, country chairperson in India of Mitsui & Co., Ltd.
