JSW One Platforms to open 22 new stores in south, west India
JSW One Platforms will open another 22 stores across the western and southern states this year, even as it targets an order book of Rs 600 crore from Tamil Nadu by fiscal 2025. The e-commerce venture of Sajjan Jindal-led JSW Group opened a new store in Chennai on Friday, its second in Tamil Nadu.
“We opened our first store in Coimbatore in December 2021, then we went to Bengaluru. Now we will expand our footprint in Bengaluru and Chennai by opening at least one more store. Then we will go to Hyderabad, Trichi, Mysore, Visakhapatnam and Salem,” JSW One Platforms’ chief executive officer Gaurav Sachdeva told FE in an interaction.
By the end of this financial year, the firm will have a total of 25 stores in the southern states (Tamil Nadu, Andhra Pradesh and Karnataka) and in Maharashtra. The firm will also soft launch a store in Kochi (Kerala), he said.
“Post the pandemic, there has been a huge change in homebuilding across the country. For instance, the new home construction market in Tamil Nadu is estimated to be at least Rs 60,000 crore by FY25 and we are seeing similar trends across the country. Tamil Nadu itself will contribute 5-10% of overall order book by FY25,” he added. He, however, declined to provide the total order book expectations or Gross Merchandise Value (GMV) for the company.
JSW One Platforms, a technology platform, has two business divisions – JSW One MSME and JSW One Home (business-to-consumer venture) – and the group has already invested Rs 250 crore in it. Further, in February this year, JSW Group – which has presence in sectors such as steel, paints and cements – had earmarked a capex of Rs 700 crore for its e-commerce venture.
“We have already deployed Rs 250 crore, and will continue to deploy the remaining as we go along,” Sachdeva said.
The company is also in talks with various non-competing brands for partnering with the business.