JSW One Platforms, the e-commerce venture of the JSW Group, is planning to launch an initial public offering (IPO) in the next 18 to 24 months. The firm, a part of the Sajjan Jindal-led JSW Group, has appointed Manipal Education and Medical Group (MEMG) founder and chairman Ranjan Pai as an independent director.
This follows the IPO of JSW Infrastructure in September last year, when the group’s ports business raised Rs 2,800 crore through a public offering. Earlier this year, the JSW Group initiated the process for the IPO of JSW Cement, with plans to raise about Rs 6,000-crore.
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“Pai’s deep knowledge of the e-commerce ecosystem and guidance will be critical in enhancing our growth and governance structures as we work towards an IPO over the next 18-24 months,” JSW One Platforms director Parth Jindal said in a statement.
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Further details of an IPO were not immediately disclosed.
The technology platform, which has two business divisions – JSW One MSME and JSW One Home (business-to-consumer venture) — had posted a gross merchandise value (a representation of all goods or services sold on a platform) of about Rs 9,000 crore in FY24. The firm is targeting $20 billion GMV by 2032.
The group has also earmarked an investment of Rs 4,000 crore till the business breaks even.
On the role of MEMG’s Pai, who is also an educationist and entrepreneur, JSW One Platforms said he will provide strategic guidance and insights.
JSW Group has presence in various sectors such as steel, energy, infrastructure, cement, paints, b2b e-commerce, defence, venture capital and sports.
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