JSW One raises ₹575 crore to scale MSME lending, expand e-commerce play

Mumbai: A ₹575-crore fundraise announced by JSW One Platforms on Monday will help the B2B e-commerce firm underwrite more inventory loans on its platform and grow its loan book five times to ₹500 crore by the end of this year, the company’s chief executive said.

According to Gaurav Sachdeva, the company’s joint managing director and chief executive officer, about half of the capital raised will go towards capitalizing its in-house non-banking financial company (NBFC)—JSW One Finance Limited. The remainder will be utilized for scaling up JSW One Platforms, including the expansion of its distribution channels.

Over a third of the orders placed on JSW One Platforms avail credit, Sachdeva said. This translates to disbursal of about ₹475-500 crore of 60-90-day inventory funding loans each month.

The loans are mostly underwritten by partner banks and NBFCs, he said, adding that a small share is disbursed by JSW One Finance, which has an existing loan book of approximately ₹100 crore.

JSW One Platforms raised the ₹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. It did not disclose the valuation at which it raised the capital.

The JSW Group company, which has so far raised ₹1,120 crore cumulatively through equity sale, was valued at $1 billion when it raised ₹340 crore in May this year in an equity round led by Principal Asset Management.

“Our growing NBFC arm will play a vital role in bridging the working capital gap for MSMEs,” Parth Jindal, chairman of JSW One Platforms, said in a press release. MSMEs refer to micro, small and medium enterprises.

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. About 82% of the e-commerce business comes from manufacturing and 18% from construction.

JSW One has an asset-light logistics model that specializes in distribution of steel coils.

The company said that its gross merchandise value (GMV) was ₹12,567 crore in FY25, which was 240% more than the preceding year. It expects to surpass ₹8,000 crore in GMV in the first half of FY26, which would be a growth of 50% over the previous year.

The company is looking to break even by the end of this financial year, Mint reported in June. It plans to go public by FY28.

JSW One Platforms is part of a cohort of conglomerate-led B2B e-commerce platforms launched in recent years. Other such ventures include Aditya Birla Group’s Birla Pivot, Larsen & Toubro’s L&T SuFin, and Tata Group’s Nexarc.