The building materials e-commerce segment, though still nascent, is heating up with companies reporting higher revenues, and one of the major players, JSW One Platforms, working towards an initial public offering (IPO) in the next two years’ time.
In two separate statements, two large conglomerates – Aditya Birla Group and JSW, shared the full-year performance for their respective building materials e-commerce segments.
On Monday, Aditya Birla Group’s Birla Pivot said, the business has crossed Rs 1,000 crore in the first year of operations. The press note added, Birla Pivot, aims to touch $ 1 billion (upwards of Rs 8,000 crore) in revenue in the next three years.
JSW One Platforms, in a separate statement, announced the appointment of Ranjan Pai as an independent director on its Board in the run-up to a planned initial public offering(IPO) for the company. This is the first independent director appointment at JSW One’s board.
Parth Jindal, director of JSW One Platforms valued India’s addressable B2B market at $400 billion and aspirations of developing the platform as the largest tech one. Jindal also added, Pai’s appointment is a step towards enhancement of governance structures as the company works towards an IPO over the next 18 to 24 months. For its own performance in FY24, JSW One said, it exited the last financial year at around Rs 9,000 crore in gross merchandise value (GMV).
Both JSW One and Birla Pivot, sell building materials such as paints, cement, steel, tiles, ceramic, etc through their respective e-commerce platforms. While JSW One is housed at the group level, Birla Pivot is part of the Aditya Birla Group’s listed entity Grasim Industries.
JSW, as a group, has presence across building materials such as cement, steel and paints. “JSW One Platforms is leveraging the combined strength of supply & distribution across JSW Group’s Steel, Cement and Paints businesses to build a fully integrated ecosystem for MSMEs and individual home builders,” the company noted in its statement.
Aditya Birla Group manufactures products such as cement and more recently, paint. Sandeep Komaravelly, chief executive officer, Birla Pivot, said, “India’s construction industry is undergoing exponential growth and is projected to reach $ 1.4 trillion by 2025. With less than 2 percent digital penetration, the construction industry faces many challenges – from fragmented supplier networks, and logistical bottlenecks to access to credit.” Birla Pivot’s customer base spans engineering, procurement and construction (EPC) companies, civil contractors, real estate developers, OEMs, fabricators, dealers, and retailers.
First Published: Apr 08 2024 | 5:51 PM IST