Unicorn Milestone for a Digital Disruptor

JSW One Platforms Ltd, the B2B commerce arm of JSW Group, has officially entered India’s elite unicorn club after raising ₹340 crore ($40.8 million) in May 2025. The funding round, led by Principal Asset Management, OneUp, JSW Steel, and others, valued the company at $1 billion, more than triple its $300 million valuation from April 2023. JSW One’s rapid ascension reflects a transformative shift in how micro, small, and medium enterprises procure steel and industrial supplies digitally.

Massive Leap in GMV & User Adoption

In FY25, JSW One recorded a gross merchandise value of ₹12,567 crore ($1.51 billion), marking a 2.4x increase from FY24. This growth was driven by over 84,000 MSMEs actively engaging with the platform. Through its digital-first approach, JSW One has emerged as India’s largest steel-selling platform, facilitating the sale of nearly 2 million metric tons of steel in a single fiscal year, an unprecedented feat for a digital B2B platform in heavy materials.

Digitizing Steel Procurement for MSMEs

At its core, JSW One integrates supply, logistics, and finance into a seamless online interface for MSMEs. Gaurav Sachdeva, Joint Managing Director & CEO, described it as a “new operating layer” for India’s manufacturing and construction sectors. By aggregating demand and offering transparent pricing, the platform empowers small businesses to compete more efficiently while simplifying complex procurement processes that traditionally relied on informal and fragmented supply chains.

Expanding Nationwide Credit Access

One of JSW One’s most transformative features is its credit facilitation engine. In FY25, the platform enabled credit disbursements worth ₹3,800 crore ($457 million) in collaboration with banking and non-banking financial company partners. These credit lines allowed MSMEs to purchase materials without upfront payments, bridging liquidity gaps that often limit scale and growth. This initiative also aligns with India's broader push to increase formal credit penetration among small enterprises.

Scaling Logistics Through JIT Delivery

JSW One also expanded its Just-in-Time delivery network through regional service centers, ensuring faster and more reliable fulfillment across the country. These centers play a vital role in reducing lead times, managing inventory flow, and ensuring consistent quality. For MSMEs working under tight project deadlines, this real-time logistics framework significantly enhances planning efficiency and customer satisfaction.

Private Brands & Ecosystem Innovation

The platform also introduced private-label products in key categories like construction steel, industrial supplies, and tools. These offerings cater specifically to the needs of MSMEs, blending affordability with quality assurance. Coupled with analytics tools and procurement dashboards, JSW One equips businesses with data-driven insights to plan, budget, and manage material requirements more strategically.

Funding Journey: From Mitsui to Billion-Dollar Backing

JSW One’s unicorn status is a result of deliberate scaling and strategic funding. Its April 2023 fundraise of ₹205 crore ($24.7 million) from Japan’s Mitsui & Co. was pivotal in enhancing its logistics capabilities and expanding into underserved regional markets. The latest round in May 2025 reflects strong investor confidence in JSW One’s market model and monetization potential. The funding will further be deployed to deepen credit access, enhance the tech stack, and bolster AI-led supply chain optimization.

JSW’s Vision of a Digitized Steel Economy

Parth Jindal, a leading voice within JSW Group, earlier described JSW One as “more than a marketplace.” According to him, it represents a paradigm shift in how MSMEs operate, redefining procurement, financing, and scalability in India’s steel and construction ecosystem. With its unique ability to stitch together demand aggregation, credit underwriting, and agile delivery, JSW One continues to reshape the B2B commerce landscape in heavy industry.

Key Takeaways

• JSW One reported a GMV of ₹12,567 crore ($1.51 billion) in FY25, growing 2.4x over FY24.

• The platform facilitated nearly 2 million metric tons of steel sales and ₹3,800 crore ($457 million) in credit.

• It achieved unicorn status in May 2025, reaching a $1 billion valuation after a ₹340 crore funding round.