JSW One Expands Digital Services with BuildNext Acquisition
JSW One Platforms Ltd, the B2B digital marketplace of the Sajjan Jindal-led conglomerate, has acquired home design and project management company BuildNext Construction Solutions Pvt for a total consideration of ₹80-100 crore. The acquisition aims to expand JSW One’s digital services for the Indian residential construction market.
The tech-enabled business-to-business (B2B) online platform is acquiring BuildNext to target inefficiencies in the home-building sector, which currently lacks coordination and visibility. Gaurav Sachdeva, chief executive officer of JSW One Platforms, said the acquisition strengthens the company’s vision to deliver a more predictable and organised home-building experience at scale.
Strategic Benefits of the Acquisition
The acquisition of BuildNext will enable JSW One to serve individual home builders, contractors, and architects, using BuildNext’s capabilities. As part of the deal, JSW One will participate in a share-swap agreement with Pidilite Industries Ltd’s subsidiary Pidilite Ventures Pvt, which is one of the investors in BuildNext.
Though details of the deal such as share-swap ratio were not disclosed, JSW One was valued at around ₹13,000 crore prior to the share swap execution. The transaction between JSW and Pidilite is expected to close by 10 August.
JSW One’s IPO Plans
JSW One Platforms has held discussions with bankers for a $350-400 million initial public offering (IPO) later this year and is also in talks to raise a private round ahead of the listing. The company aims to become profitable this year and eyes an IPO by FY28.
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Pidilite’s Investment in BuildNext
Pidilite was one of the leading contenders for paints firm Akzo Nobel India, which JSW Paints ended up acquiring for around ₹9,000 crore. As part of the Buildnext transaction, the Pidilite subsidiary will invest up to ₹22 crore by subscribing to compulsorily convertible preference shares (CCPS) of Buildnext.
In February, Pidilite invested ₹3.75 crore in Buildnext by subscribing to its convertible preference shares. These shares, upon conversion, along with the shares Pidilite already held in Buildnext, would not exceed 34% of the issued and paid up share capital of Buildnext, on a fully diluted basis.
BuildNext’s Revenue and Loss
BuildNext’s revenue rose 33% year-on-year to just over ₹18 crore in the fiscal year ended March 2025. It posted a loss of ₹9 crore.
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Conclusion
The acquisition of BuildNext by JSW One is a strategic move to expand its digital services for the Indian residential construction market. With the acquisition, JSW One aims to deliver a more predictable and organised home-building experience at scale. The company’s IPO plans and Pidilite’s investment in BuildNext are also significant developments in the Indian stock market.