JSW One in talks for $350-400 million IPO, pre-IPO round underway

The company is looking to raise ₹650-700 crore in a private round within this quarter to benchmark its valuation ahead of the listing, the people said. In parallel, it is seeking to raise $350-400 million through an IPO and is expected to list by the end of the current financial year, one of them added.

“The company has held informal discussions with the bankers and appointments are likely to happen in the coming weeks,” the second person said, adding that the structures are subject to change as things are still being decided.

If the IPO goes as planned, the company will join the growing list of its peers such as Moglix, Ofbusiness, Infra.market, and Zetwerk that are also in various stages of their public listing.

The listing plans come amid growing investor interest in India’s B2B commerce opportunity. While much of the first $100 billion of India’s digital economy was driven by consumer internet companies, the next wave of growth is expected to come from business digitization, according to a 2023 report by Bessemer Venture Partners.

Funding history

JSW One Platform entered the unicorn club last year after it raised ₹340 crore of fresh capital, led by Principal Asset Management, OneUp, JSW Steel, and other investors. The round marked over a 3x jump in valuation from its earlier round of funding in April 2023.

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

Growth strategy

The capital was aimed at strengthening its supply chain network in the steel and cement categories, deepening distribution and logistics networks across India, scaling the fintech and NBFC arms, and enabling wider access to credit for MSMEs.

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. The company follows an asset-light logistics model specializing in the distribution of steel coils.

Its gross merchandise value (GMV) was ₹12,567 crore in FY25, which was 240% higher than the preceding year. It expects to surpass ₹8,000 crore in GMV in the first half of FY26, which would represent a 50% growth over the previous year, Mint reported in October. The company is looking to break even by the end of FY26, Mint reported in June.

Priyamvada C

Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.

Sneha Shah

Sneha Shah is the editor for deals and startups at Mint. Starting off her career in India’s financial capital as a cub reporter for the Mid-day newspaper in the mid-2000s, she later moved on to decode balance sheets and follow the money trail for some of the leading pink publications in the country. She has been covering India’s deals ecosystem for nearly two decades now, closely tracking private- and public-market funding, startups, private equity, venture capital, and investment banking. From breaking some of the biggest deal stories of the past to doing some incisive deep-dives into the latest trends and turnarounds in the industry, she has witnessed the phenomenal growth and transformation of the country’s investment ecosystem from really close quarters. A graduate in journalism, she has worked with The Economic Times, Financial Chronicle, VCCircle and Mid-Day before starting her second stint at Mint in 2022. As a keen observer of India’s startups ecosystem, she aspires to write a book some day, chronicling some of the most inspiring stories the industry has seen so far in its remarkable journey.