Conglomerate JSW Group’s technology business JSW One Platforms has secured Rs 205 crore in funding from Japan's Mitsui & Co, valuing the marketplace at Rs. 2,750 crore.

JSW One Platforms will utilize the money to strengthen its market presence and improve its technology. The firm, which houses both business-to-business and business-to-consumer construction ecommerce units, plans to expand operations in newer geographies like Delhi-NCR, Gujarat, Rajasthan, Madhya Pradesh and Chhattisgarh.

It will also invest in credit, logistics and technology to improve customer experience.

The Mumbai-based company launched its B2B marketplace, which is the bigger of the two businesses, in January 2021. It uses the conglomerate's steel, cement and paint business to sell construction materials to small and medium-sized businesses and individual home builders.

Gaurav Sachdeva, CEO of JSW One Platforms says, “The business clocked FY23 at about $250 million GMV (gross merchandise value) and expects it to grow to $1 billion in FY24. The company projects that 15 percent of the sales will be contributed by third-party sellers by then.”

“In MSME business (marketplace business) we have 15,000 registered customers (FY23) and targeting 10,000 MSME customers by the end of FY24,” adds Sachdeva.

Its B2C business involves end-to-end management of building a house for customers. The company has 300 customers in the homes business, which is expected to grow to more than 800 by the end of FY24.

Their decision to invest in our ecommerce business validates our long-term strategic vision to capitalize on technology to take a strong leadership position in the B2B e-commerce sector.

“India has over 500,000 building and manufacturing MSMEs, and as this number grows, JSW One aims to cater to all their building materials requirements through our advanced and technology enabled products and services,” says Parth Jindal, director of JSW One Platforms.