JSW One Platforms Turns Unicorn With Rs 340 Crore Fundraise

JSW Group's B2B e-commerce platform One Platforms has turned unicorn, following a Rs 340 crore fundraise.

The platform, which competes with unicorns like Udaan and Infra.Market, raised funds led by Principal Asset Management, OneUp, JSW Steel, and other investors.

"This round brings the company’s valuation to $1 billion, earning it a coveted unicorn status. This milestone marks a valuation jump of over 3x from its earlier round of funding in April 2023, a testament to the platform’s strong product-market fit, resilient supply chain, and rapid business execution in just four years," the company said in a statement.

It will use the funds to "strengthen national supply chain leadership in steel and cement categories, deepen distribution and logistics networks across India, scale the fintech and NBFC arms, and enable wider access to credit for MSMEs. This will be enabled by building a robust tech stack that creates a truly integrated and digital procurement journey for small businesses," it added.

"We're solving critical pain points by combining our tech-led distribution model with JSW Group's strength in manufacturing. We are well-positioned to fulfil the ambitions of India's expanding MSME sector," said Parth Jindal, Chairman, JSW One Platforms.

JSW One Platforms is only the third unicorn this year, highlighting a slowdown in the funding environment amid global uncertainties. The other two so far are AI-powered fleet safety startup Netradyne and on-demand logistics platform Porter.