IPO-bound JSW One acquires Pidilite-backed BuildNext for up to ₹100 crore

New Delhi: IPO-bound JSW One Platforms Ltd has acquired home design and project management company BuildNext Construction Solutions Pvt to expand its digital services for the Indian residential construction market, the company said in a statement on Thursday.

The tech-enabled business-to-business (B2B) online platform is acquiring BuildNext for a total consideration of ₹80-100 crore, a person aware of the matter told Mint, requesting anonymity.

Gaurav Sachdeva, chief executive officer of JSW One Platforms, said the acquisition targets inefficiencies in the home-building sector, which currently lacks coordination and visibility.

“With JSW One Homes, we are building a platform that brings together materials, design, and execution in a seamless manner. The addition of BuildNext strengthens this vision meaningfully, enabling us to deliver a more predictable and organised home-building experience at scale,” Sachdeva said in the statement.

"The company plans to use BuildNext’s capabilities to serve individual home builders, contractors, and architects," he added.

As part of the deal, JSW One will participate in a share-swap agreement with Pidilite Industries Ltd's subsidiary Pidilite Ventures Pvt, which is one of the investors in BuildNext, the statement added. Though details of the deal such as share-swap ratio were not disclosed, the person cited earlier said that JSW One was valued at around ₹13,000 crore prior to the share swap execution. The transaction between JSW and Pidilite is expected to close by 10 August.

Owner of BuildNext

As a result of the equity exchange, JSW becomes the owner of BuildNext and Pidilite joins the cap table of JSW One Platforms.

JSW One Platforms, the Sajjan Jindal-led conglomerate's B2B digital marketplace, has held discussions with bankers for a $350-400 million initial public offering (IPO) later this year and is also in talks to raise a private round ahead of the listing, Mint reported earlier this month citing sources.

Last year, Pidilite was one of the leading contenders for paints firm Akzo Nobel India, which JSW Paints ended up acquiring for around ₹9,000 crore.

As part of the Buildnext transaction, the Pidilite subsidiary will invest up to ₹22 crore by subscribing to compulsorily convertible preference shares (CCPS) of Buildnext, Pidilite said in a regulatory communication.

In February, Pidilite invested ₹3.75 crore in Buildnext by subscribing to its convertible preference shares. These shares, upon conversion, along with the shares Pidilite already held in Buildnext, would "not exceed 34% of the issued and paid up share capital of Buildnext, on a fully diluted basis," the Fevicol-maker had said back then.

JSW One will incorporate BuildNext's home design and project management technology into its existing platform, JSW One Homes.

BuildNext's revenue rose 33% year-on-year to just over ₹18 crore in the fiscal year ended March 2025. It posted a loss of ₹9 crore.