JSW One Platforms Hires Bankers For IPO, Weeks After JSW Steel Clears Stake Sale

Sajjan Jindal-led JSW Group is preparing to take its business-to-business marketplace public. JSW One Platforms Ltd has lined up Kotak Mahindra Capital, JM Financial, ICICI Securities and SBI Capital Markets to advise on an initial public offering that could raise between $350 million and $400 million, Mint reported.

The company is targeting a stock market listing sometime next year, with the share sale expected to include both a fresh issue of capital and an offer for sale by existing shareholders, according to the report.

The advisor appointments follow closely on the heels of a board decision at JSW Steel, which about 10 days earlier had approved selling a ₹811 crore stake in JSW One Platform as part of the planned IPO.

Ownership And Earnings

JSW Group entities together hold a 78.76% stake in JSW One, with the rest owned by enterprises, funds and angel investors. The company turned a net profit of ₹90 crore in FY26.

A successful listing would place JSW One among a clutch of B2B commerce firms, including Moglix, Ofbusiness and Zetwerk, that are also eyeing public markets. Investor interest in the space has been building.

A 2023 report by Bessemer Venture Partners noted that while consumer internet firms powered the first $100 billion of India's digital economy, business digitisation is expected to drive the next phase. Bessemer estimated that technology-led B2B marketplaces could unlock a $200 billion opportunity in India by 2030 as fragmented supply chains move online.

JSW One became a unicorn last year after raising ₹340 crore in fresh capital in a round led by Principal Asset Management, OneUp and JSW Steel, among others, valuing the company at more than three times its April 2023 valuation. It raised a further ₹575 crore in October last year from investors including State Bank of India, Principal Asset Management, One-Up, International Conveyors Ltd, Scarlett Ventures and JSW Steel.

Roughly half of that capital was earmarked to strengthen its non-banking financial arm, JSW One Finance Ltd, with the rest set aside to expand the platform's distribution channels. The funds were meant to build out steel and cement supply chains, widen logistics networks across India, grow its fintech operations, and improve credit access for small and medium manufacturers.

JSW One describes itself as a full-stack platform for MSMEs in manufacturing and construction, with 82% of its e-commerce business coming from manufacturing and 18% from construction. It sells third-party products, steel coils cut to customer specifications, and its own branded products made through contract manufacturing, while running an asset-light logistics model centred on steel coil distribution.

The company's gross merchandise value jumped 240% to ₹12,567 crore in FY25. Mint reported in October 2025 that GMV likely crossed ₹8,000 crore in the first half of FY26, marking 50% growth over the same period a year earlier.

Revenue from operations rose sharply to about ₹3,962.81 crore in FY25, from ₹1,397.93 crore the year before, regulatory filings sourced by Tofler from the ministry of corporate affairs showed. Losses narrowed slightly to ₹217 crore in FY25 from ₹227 crore in FY24.