JSW One Plans $350–400 Million IPO, Begins Pre-IPO Funding Talks

The business-to-business (B2B) online marketplace JSW One Platform, run by the Sajjan Jindal-led conglomerate, has been in talks with financial advisors about going public later this year. In addition, the company is now in discussions to seek funds through a private round prior to the listing.

In order to provide a baseline for its valuation before going public, the company plans to do a private transaction to raise INR 650–700 crore this quarter. It is also planning to list by the end of the current fiscal year and is aiming to generate $350–400 million through an initial public offering (IPO).

JSW One Catching up with Latest Investment Trends

Increasing interest from investors in India's business-to-business (B2B) commerce potential has prompted the listing plans. According to a forecast by Bessemer Venture Partners in 2023, business digitisation is anticipated to fuel the next wave of growth in India's digital economy. This sector is all set to surpass the $100 billion initial investment from consumer internet companies. As a result of disorganised B2B ecosystems and disjointed supply chains, the company predicts that online-first, tech-enabled B2B marketplaces would open a $200 billion opportunity in India's market by 2030.

Assuming all goes according to plan, JSW One will become the latest addition to the increasing list of companies like Moglix, OfBusiness, Infra.market, and Zetwerk, who are all in the process of going public. After receiving INR 340 crore in seed funding last year, JSW One Platform became the latest unicorn, thanks to investors including Principal Asset Management, OneUp, JSW Steel, and others.

Compared to its last round of investment in April 2023, the valuation increased by more than three times in this round. Investors such as Principal Asset Management, JSW Steel, International Conveyors Ltd. (ICL), One-Up, Scarlett Ventures, and State Bank of India (SBI) contributed an additional INR 575 crore to the firm in October.

Operations of JSW One

For manufacturing and construction-related MSMEs, JSW One offers a full-stack solution. In addition to JSW One-branded items sourced through contract manufacturing, it offers third-party products and steel coils cut to buyer specifications. The distribution of steel coils is the company's speciality, and they pursue an asset-light logistics model.

The manufacturing sector accounts for almost 82% of e-commerce revenue, while the construction sector accounts for 18%. In FY25, its gross merchandise value (GMV) reached ₹12,567 crore, outpacing the previous year by 240%. According to a media report in October, the company anticipates a gross merchandise volume (GMV) of more than INR 8,000 crore in the first half of FY26, marking a 50% increase from the previous year. In June, the company's goal is to achieve profitability by the conclusion of FY26.