JSW Paints Valuation, Funding & Investors

JSW Paints is valued at $702M as of November 2023.

Last JSW Paints valuation

$702M

Strategic investment · Nov 2023

Last JSW Paints funding round

$90M

Strategic investment · Nov 2023

Cumulative funding JSW Paints raised

$90M

across 1 funding round

Key investors in JSW Paints

JSW Paints Overview

About JSW Paints

JSW Paints is an Indian decorative and industrial paints company launched around 2019 within the Sajjan Jindal-led JSW Group. The company produces paints and coatings for the Indian market and has pursued acquisitions to expand its position, including a 2025 agreement to acquire a majority stake in Akzo Nobel India, owner of the Dulux brand, adding expertise in vehicle-refinish and marine coatings alongside its existing decorative and industrial paints business.


Founded

2019

HQ

IndiaIndia

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Valuation

$702M (Nov 2023)

JSW Paints Valuation

JSW Paints is currently valued at $702M, based on its strategic investment round in November 2023.

The $90M round was led by JSW Steel.

JSW Paints valuation by funding round

JSW Paints valuation by funding round
DateStageValuation
Nov 2023Strategic investment$702M

JSW Paints Funding History

JSW Paints has raised a total of $90M across 1 funding round.

JSW Paints funding rounds

JSW Paints funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2023Strategic investmentJSW Steel (lead)$90M$702MJSW Paints, a paints company within the Sajjan Jindal-led JSW Group launched around 2019, received a strategic investment of Rs 750 crore from JSW Steel, completed on November 22, 2023, with the final tranche of approximately Rs 75 crore. The investment was approved by JSW Steel's board on July 23, 2021, to be made in 3-4 tranches from FY 2021-22 to FY 2024-25, starting with Rs 300 crore for about 7.5% equity. Post-allotment, JSW Steel held 2,94,82,565 equity shares, equating to 12.84% of JSW Paints' issued and paid-up equity capital (11.85% fully diluted). The funds were aimed at fueling JSW Paints' expansion in the competitive Indian paints market. JSW Paints later pursued significant growth via acquisitions, including plans to raise Rs 3,300 crore through non-convertible debentures as part of a Rs 6,500 crore infusion to fund buying 74.76% of AkzoNobel India for up to Rs 9,400 crore, potentially valuing the deal at Rs 12,915 crore total. Post-acquisition, the entity was projected to rank as India's fourth-largest decorative paints company and second-largest in industrial paints, gaining Dulux brand and expertise in vehicle refinish and marine coatings. As of March 31 preceding the AkzoNobel deal announcement, the Sajjan Jindal Family Trust owned 85.8% of JSW Paints, with the rest held by other JSW Group entities and individuals.

Who has invested in JSW Paints?

1 investor has backed JSW Paints across its funding rounds, including JSW Steel.

Lead investors include JSW Steel.


JSW Paints Investors

Investors in JSW Paints by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by JSW Paints

JSW Paints has acquired 1 company to date.

Last acquisition by JSW Paints was on June 27th 2025. JSW Paints acquired Akzo Nobel India for $2.6B.


Latest Acquisitions by JSW Paints

Akzo Nobel India
Description
Akzo Nobel India Ltd manufactures and sells a variety of chemicals and coatings .The Company is principally engaged in the business of manufacturing paints, coatings and allied products in India, It has no reportable segments other than Paints segment.
HQ CountryIndia
HQ City
Kolkata
Deal Date27 Jun 2025
Valuation$2.6B
EV/Revenue
EV/EBITDA

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JSW Paints Competitors

JSW Paints competitors include listed companies like Tempo Scan Pacific, Sunmax Biotechnology, Helen Of Troy and Synsam, and private ones like BENOW and ipsy.

Public and private companies comparable to JSW Paints
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Tempo Scan PacificIndonesiaIndonesiaPublicly listed$790M$111M$712M-
Sunmax BiotechnologyTaiwanTaiwanPublicly listed$64M$35M$670M-
BENOWSouth KoreaSeoulPrivate$235M-$737M3.1x
Helen Of TroyUnited StatesUnited StatesPublicly listed$1.8B($728M)$642M0.8x
SynsamSwedenSwedenPublicly listed$734M$130M$775M1.4x
ipsyUnited StatesSan Francisco, CAPrivate$150M-$800M5.3x

JSW Paints Public Comps

JSW Paints is still privately-owned, but its public comps include Tempo Scan Pacific, Sunmax Biotechnology, Helen Of Troy, Synsam, Safilo Group, Alkaloid, Betterware de Mexico, The Honest Company, Menicon and PZ Cussons.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tempo Scan Pacific$790M$111M0.6x-4.5x-
Sunmax Biotechnology$64M$35M10.2x-18.6x-
Helen Of Troy$1.8B($728M)0.8x0.8x(1.9x)7.3x
Synsam$734M$130M1.5x1.4x8.3x5.8x
Safilo Group$1.1B$126M0.7x0.7x6.3x6.0x
Alkaloid$391M$62M1.7x-10.7x-
Betterware de Mexico$829M$152M1.2x1.1x6.6x5.4x
The Honest Company$371M($8M)1.3x1.4x(56.9x)20.0x

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Common questions about JSW Paints

When was JSW Paints founded?JSW Paints was founded in 2019.
Where is JSW Paints headquartered?JSW Paints is headquartered in India.
Is JSW Paints publicly listed?No, JSW Paints is a private, VC-backed company.
What is JSW Paints' valuation?JSW Paints was last valued at $702M in its strategic investment round in November 2023.
How much funding has JSW Paints raised?JSW Paints has raised $90M across 1 funding round.
What was JSW Paints' last funding round?JSW Paints' last funding round was a $90M strategic investment round in November 2023, led by JSW Steel.
Who are JSW Paints' investors?JSW Paints' investors include JSW Steel.
Which companies are comparable to JSW Paints?Companies comparable to JSW Paints include Tempo Scan Pacific, Sunmax Biotechnology, BENOW, Helen Of Troy, Synsam and ipsy.
How many companies has JSW Paints acquired?JSW Paints has acquired 1 company, including Akzo Nobel India.
What was the largest acquisition by JSW Paints?The $2.6B acquisition of Akzo Nobel India in June 2025 is the largest acquisition JSW Paints has made to date.

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