JSW Group’s B2B e-commerce arm, led by Sajjan Jindal, announced Monday a Rs 250 crore funding from Japan’s Mitsui.
The Series A funding was also JSW One Platforms’ first capital raise from an institutional investor, at a valuation of Rs 275 billion, according to an official statement.
The $22 billion conglomerate will begin operations in July 2021 and aims to be the platform of choice for India’s MSMEs and businesses, leveraging its expertise in manufacturing and building materials, tech-enabled logistics and credit I’m here.
The company plans to inject funds to strengthen its market presence and further strengthen its technical capabilities, the statement said, expanding operations in new regions such as NCR, Gujarat, Rajasthan, Madhya Pradesh and Chhattisgarh. I added that there is.
We also invest in our credit, logistics and technology stacks to improve the customer experience.
Masaharu Okubo, country chairperson for India at Mitsui & Co., said the investment should be seen as a demonstration of the firm’s robust business model and belief in the long-term growth prospects of the B2B e-commerce space. I was.
Gaurav Sachdeva, CEO of JSW One Platforms, said Mitsui has experience working in the B2B space.
“Their investment will help us penetrate deeper into the industrial and construction industry. We look forward to being a platform,” he added.
The company’s director, U Parth Jindal, said there are Rs 50 lakh MSMEs (MSMEs) in the building and manufacturing sector in India and the company aims to supply them with building materials.
Other major players in the infrastructure space, notably Birlas and L&T, are planning or already operating dedicated e-commerce platforms.
JSW One Platforms aims to invest up to Rs 400 crore in e-commerce business by FY27.
Sachdeva previously said it would start looking for outside investors after the total market value of products sold on its platform reaches $1 billion annually.
The company, which is funded by JSW Group’s Cement, Steel and Paints division, aims to reach break-even and turn a profit by fiscal year 27, at which point it will have $5 billion on its platform. The goal is to achieve a dollar GMV.