JSW One Platforms has secured $25 million in funding from Mitsui & Co Ltd, its first institutional investor. The platform, owned by JSW Group, connects MSMEs with steel companies and their subsidiaries to supply stainless steel, welding wires, cement, and paints. The investment will help JSW One Platforms penetrate deeper into the industrial and construction industries, and expand its supply chain model across manufacturing and construction.
JSW Group plans to invest INR 4,000 crore in JSW One Platforms over the next five years. The company claims that the platform surpassed INR 3,000 crore in Gross Merchandise Value (GMV) by the end of FY23 and aims to achieve a target of $1 billion by FY24. The investment from Mitsui & Co Ltd is expected to contribute to the expansion of supply sources and the product portfolio targeting the industry.
Gaurav Sachdeva, CEO of JSW One Platforms, expressed his excitement about Mitsui’s experience in the B2B industry across various markets in the world, and he believes that their investment will make the platform an industry-leading platform for MSMEs. Masaharu Okubo, Managing Officer and Country Chairperson in India of Mitsui & Co Ltd, also expressed his confidence in the firm’s robust business model and long-term growth prospects of the B2B e-commerce space.
JSW Group’s ecommerce venture competes with other tech startups in India’s steel market segment, such as BuildMaadi, AS Steels, and Steeloncall.com.