JSW One Revenue, Valuation, Funding & Investors

JSW One is valued at $918M as of May 2025, a 6.0x multiple on its last reported $152M revenue.

Last JSW One valuation

$918M

Series B · May 2025

Last JSW One funding round

$68M

Series B · May 2025

JSW One revenue

$152M

Series B · May 2025

Key investors in JSW One

JSW One Overview

About JSW One

JSW One MSME is a Mumbai-based steel procurement platform linking small and medium enterprises to raw materials from JSW Steel and other mills. The service provides galvanized, color-coated, and structural steel products with logistics, financing, and technical support. Operating warehouses in key industrial hubs like Pune, Chennai, and Hyderabad, it caters to fabrication shops, construction firms, and manufacturers across India.


Founded

2020

HQ

IndiaMumbai

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$152M (May 2025)

Valuation

$918M (May 2025)

JSW One Valuation

JSW One is currently valued at $918M, based on its Series B in May 2025.

The $68M round included One Up, Scarlet Capital, JSW Steel, International Conveyors, State Bank of India and 1 other investor.

JSW One's valuation has grown 3.1x from $294M at its Series A in April 2023 to $918M in May 2025, across 2 priced rounds.

JSW One valuation by funding round

Revenue multiple
JSW One valuation by funding round
DateStageValuationRevenue Multiple
May 2025Series B$918M6.0x
Apr 2023Series A$294M7.2x

JSW One Revenue

JSW One's latest recorded revenue is $152M, as of its Series B in May 2025. At a $918M valuation, that implies a 6.0x revenue multiple.

Revenue grew from $41M in April 2023 to $152M in May 2025, while the revenue multiple moved from 7.2x to 6.0x.

JSW One revenue by funding round

JSW One revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
May 2025$152M$918M6.0xSeries B
Apr 2023$41M$294M7.2xSeries A

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

JSW One Funding History

JSW One has raised a total of $93M across 2 funding rounds.

JSW One's first fundraising round was a $25M Series A in April 2023. The most recent completed round was a $68M Series B in May 2025.

JSW One funding rounds

JSW One funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2025Series BOne Up; Scarlet Capital; JSW Steel; International Conveyors; State Bank of India; Trinity Freehold$68M$918MJSW One Platforms is a tech-driven B2B ecommerce platform specializing in construction and manufacturing materials, particularly steel and cement, serving MSMEs across India. It integrates supply chain services, credit facilitation, private brands, and just-in-time delivery, positioning itself as India's largest steel-selling platform by facilitating around 2 million tonnes of steel purchases in FY25. The platform expanded its registered user base to over 84,000 MSMEs and enabled approximately Rs 3,800 crore in credit disbursement through banking and NBFC partners. In a Rs 575 crore funding round initiated around May 2025, JSW One raised Rs 235 crore from State Bank of India (SBI) at a post-money valuation of Rs 8,575 crore, following an earlier tranche of Rs 340 crore at a $1 billion (approximately Rs 8,300-8,500 crore) valuation led by Principal Asset Management, OneUp, JSW Steel, International Conveyors, Scarlett Ventures (Scarlet Capital), and others. This marked a significant jump from its prior July 2023 round of Rs 205 crore. Investors align closely with the query's list including International Conveyors, JSW Steel, One Up (OneUp), Trinity Freehold (possibly grouped), Scarlet Capital (Scarlett Ventures), and State Bank of India. Funds will support proprietary tech platform investments, operational expansion, logistics network growth, last-mile delivery improvements, and ramping up its NBFC arm for enhanced credit access, underwriting, and customized financial products for small businesses. The company achieved 2.4x growth in FY25 with gross merchandise value (GMV) of Rs 12,567 crore, targeting over Rs 8,000 crore GMV in H1 FY26 at >50% growth rate. Revenues grew 320% to Rs 1,422 crore in FY24, though net loss increased to Rs 227 crore; FY25 revenue not explicitly stated. It competes with OfBusiness, Jumbotail, and IndiaMart in India's evolving B2B digital marketplace.
Apr 2023Series AMitsui & Co (lead)$25M$294MJSW One Platforms is a B2B tech-enabled ecommerce marketplace founded in 2020 by the JSW Group, targeting construction and manufacturing MSMEs with procurement, credit, fulfillment, and private brands in steel, cement, paints, and building materials. It operates JSW One MSME platform launched in 2021 and JSW One Homes for home-building services, leveraging JSW's manufacturing strength, logistics, and credit services. In April 2023, it raised INR 205 Cr ($25 Mn) in a Series A round led by Japan's Mitsui & Co at a post-money valuation of approximately INR 2,750 Cr ($330-340 Mn). The April 2023 funding valued the company at over INR 2,705-2,750 Cr, with Mitsui taking an 8.20% stake as of March 31, 2024. This round preceded subsequent tranches: a May 2023 raise of INR 340 Cr at $1 Bn (INR 8,500 Cr) valuation from investors including JSW Steel, Principal Asset Management, and OneUp, marking a 3x jump; and a later INR 235 Cr from SBI and others to close at INR 575 Cr total, at INR 8,575 Cr post-money. Funds across rounds supported tech platform investments, NBFC arm scaling, credit access for MSMEs, logistics expansion, and supply chain leadership in steel and cement. Later traction included record FY25 GMV of INR 12,567 Cr (2.4x growth) and FY26 H1 target of INR 8,000 Cr GMV at >50% growth. The company competes with OfBusiness, Jumbotail, and IndiaMart in India's B2B ecommerce for industrial materials.

Who has invested in JSW One?

7 investors have backed JSW One across its funding rounds, including Mitsui & Co, State Bank of India, JSW Steel, International Conveyors, One Up and Scarlet Capital.

Lead investors include Mitsui & Co.


JSW One Investors

Investors in JSW One by funding rounds participated
InvestorHQRoundsRoleFirst check
One UpIndiaMumbai1ParticipantMay 2025
Scarlet CapitalUnited KingdomLondon1ParticipantMay 2025
JSW SteelIndiaMumbai1ParticipantMay 2025
International ConveyorsIndiaKolkata1ParticipantMay 2025
State Bank of IndiaIndiaMumbai1ParticipantMay 2025

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JSW One Competitors

JSW One competitors include listed companies like Upwork and Izumi Co, and private ones like Globality, Korea Credit Data, Zilingo and Zhaogang.com.

Public and private companies comparable to JSW One
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GlobalityUnited StatesSan Francisco, CAPrivate--$900M-
Korea Credit DataSouth KoreaSeoulPrivate$44M-$943M-
ZilingoSingaporeSingaporePrivate--$970M-
Zhaogang.comChinaShanghaiPrivate--$989M-
UpworkUnited StatesUnited StatesPublicly listed$788M$180M$1.1B1.1x
Izumi CoJapanJapanPublicly listed$3.7B$300M$1.4B0.6x

JSW One Public Comps

JSW One is still privately-owned, but its public comps include Web Travel Group, Trainline, UT Group, Nextdoor, ATRenew, Timee, Grupa Pracuj, Bengo4.com, EverQuote and LegalZoom.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Web Travel Group$280M$86M2.7x2.6x8.8x7.0x
Trainline$608M$221M1.9x1.9x5.3x4.8x
UT Group$1.1B$82M0.7x0.7x9.4x9.2x
Nextdoor$258M($69M)2.4x2.2x(8.8x)27.8x
ATRenew$3.1B$84M0.2x0.2x8.2x6.6x
Timee$132M$23M6.3x2.8x36.0x13.5x
Grupa Pracuj$214M$95M4.6x4.4x10.3x9.7x
Bengo4.com$105M$19M7.7x6.9x43.8x33.0x

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Common questions about JSW One

When was JSW One founded?JSW One was founded in 2020.
Where is JSW One headquartered?JSW One is headquartered in Mumbai, India.
Is JSW One publicly listed?No, JSW One is a private, VC-backed company.
What is JSW One's valuation?JSW One was last valued at $918M in its Series B in May 2025.
How much funding has JSW One raised?JSW One has raised $93M across 2 funding rounds.
What was JSW One's last funding round?JSW One's last funding round was a $68M Series B in May 2025.
Who are JSW One's investors?JSW One's investors include One Up, Scarlet Capital, JSW Steel, International Conveyors, State Bank of India, Trinity Freehold and Mitsui & Co.
What is JSW One's revenue?JSW One's latest recorded revenue is $152M (May 2025).
What is JSW One's revenue multiple?JSW One's latest valuation implies a 6.0x revenue multiple ($918M valuation on $152M of revenue).
Which companies are comparable to JSW One?Companies comparable to JSW One include Globality, Korea Credit Data, Zilingo, Zhaogang.com, Upwork and Izumi Co.

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