JSW One Platform, the Sajjan Jindal-led conglomerate's B2B digital marketplace, has held discussions with bankers for an initial public offering (IPO) later this year and is also in talks to raise a private round ahead of the listing, three people familiar with the matter said.
The company is looking to raise ₹650-700 crore in a private round within this quarter to benchmark its valuation ahead of the listing, the people said. In parallel, it is seeking to raise $350-400 million through an IPO and is expected to list by the end of the current financial year, one of them added.
“The company has held informal discussions with the bankers and appointments are likely to happen in the coming weeks,” the second person said, adding that the structures are subject to change as things are still being decided.
If the IPO goes as planned, the company will join the growing list of its peers such as Moglix, Ofbusiness, Infra.market, and Zetwerk that are also in various stages of their public listing.
The listing plans come amid growing investor interest in India’s B2B commerce opportunity. While much of the first $100 billion of India’s digital economy was driven by consumer internet companies, the next wave of growth is expected to come from business digitization, according to a 2023 report by Bessemer Venture Partners.
The firm estimates that online-first, tech-enabled B2B marketplaces could unlock a $200 billion market opportunity in India by 2030, as fragmented supply chains and a largely unorganised B2B ecosystem move online.
A company spokesperson declined to comment.
Funding history
JSW One Platform entered the unicorn club last year after it raised ₹340 crore of fresh capital, led by Principal Asset Management, OneUp, JSW Steel, and other investors. The round marked over a 3x jump in valuation from its earlier round of funding in April 2023.
Subsequently, the company raised another ₹575 crore from investors including the State Bank of India (SBI), Principal Asset Management, One-Up, International Conveyors Ltd. (ICL), Scarlett Ventures, and JSW Steel in October.
About half of the capital raised will go towards capitalizing its in-house non-banking financial company (NBFC)—JSW One Finance Limited, Gaurav Sachdeva, the company’s joint managing director and chief executive officer, told Mint at the time, while the remainder will be utilized for scaling up JSW One Platforms, including the expansion of its distribution channels.
Growth strategy
The capital was aimed at strengthening its supply chain network in the steel and cement categories, deepening distribution and logistics networks across India, scaling the fintech and NBFC arms, and enabling wider access to credit for MSMEs.
The company positions itself as a full-stack solution provider for MSMEs in the manufacturing and construction space. It sells third-party products, steel coils cut to the buyer's specifications, as well as JSW One-branded products procured through contract manufacturing. The company follows an asset-light logistics model specializing in the distribution of steel coils.
About 82% of the e-commerce business comes from manufacturing and 18% from construction.
Its gross merchandise value (GMV) was ₹12,567 crore in FY25, which was 240% higher than the preceding year. It expects to surpass ₹8,000 crore in GMV in the first half of FY26, which would represent a 50% growth over the previous year, Mint reported in October. The company is looking to break even by the end of FY26, Mint reported in June.
