On Monday, the business-to-business e-commerce arm of Sajjan Jindal-led JSW Group announced the raising of Rs 205 crore in funding from Japan’s Mitsui & Co.

According to an official statement, the Series A round is also the first funding JSW One Platforms has raised from institutional investors and is valued at Rs 275 crore.

The $22 billion conglomerate launched the business in July 2021. It aims to become the preferred choice for MSMEs and corporates in India, leveraging its expertise in manufacturing and construction materials, technology-enabled logistics and credit. platform

The statement said it plans to invest funds to strengthen its market presence and further improve technological capabilities. It is expanding in newer states like NCR, Gujarat, Rajasthan, Madhya Pradesh and Chhattisgarh.

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

Masaharu Okubo, chairman of Mitsui India, said the investment should signal his belief in the company’s robust business model and long-term growth prospects in the B2B e-commerce sector.

Gaurav Sachdeva, CEO of JSW One Platforms, said Mitsui has experience working in the B2B space.

“Their investment will help us penetrate the industrial and construction sectors deeper. We also look forward to bringing other industry sectors to the platform and will continue to leverage technology to be the industry-leading platform for MSMEs,” he added.

The company’s director, Parth Jindal, said the company aims to supply construction materials to 500,000 micro, small and medium construction and manufacturing businesses in India.

Other major players in the infrastructure space, notably Birlas and L&T, have planned or are already operating dedicated e-commerce platforms.

JSW One Platforms aims to invest up to Rs 4,000 crore in e-commerce business by FY27.

Sachdeva has previously said it will start looking for outside investors after the total market value of merchandise sold on the platform reaches $1 billion annually.

The company, funded by the cement, steel and coatings division of JSW Group, aims to break even and start turning a profit by FY27 when it seeks to achieve a GMV of $5 billion on the platform.