JSW One's MSME division receives advisory from CAM regarding a potential ₹500 crore fundraising effort
In a major development, Cyril Amarchand Mangaldas (CAM) has served as the legal counsel to JSW One Platforms Limited (JOPL) and JSW One MSME in their respective pre-IPO capital raises.
JOPL successfully completed a ₹500 crore pre-IPO capital raise, with the funds intended to scale its credit and logistics capabilities and support expansion into new markets. The transaction was led by Soumya Srivastava (Partner) with support from Shashank Ugrankar (Principal Associate) and Samaksh Khanna (Associate). CAM advised on the entire transaction structure and closing, drafted, negotiated, and finalized the share subscription agreements with multiple investors, and also handled the shareholders’ agreement for the transaction.
Meanwhile, JSW One MSME, a tech-led B2B e-commerce platform, raised funds to trigger its valuation and achieve the unicorn status, making it a $1 billion enterprise. Cyril Amarchand Mangaldas did not draft and negotiate the shareholders' agreement for this transaction. However, Devaki Mankad (Partner) provided advice for the potential listing of JSW One MSME.
In the JOPL transaction, about ₹340 crores was subscribed by investors through compulsorily convertible preference shares issued by JOPL. The investors included JSW Steel Limited (a JSW group company), affiliates of Principal Global Investors LLC, One-Up Financial Consultants, and Satyug Technologies Limited. The remaining pool of the capital raise is to be subscribed by fresh investors being identified by JOPL’s board.
Cyril Amarchand Mangaldas' key team members involved in the advisory for JOPL were Soumya Srivastava (Partner) – transaction lead, Shashank Ugrankar (Principal Associate), Samaksh Khanna (Associate), and Devaki Mankad (Partner) – advised on eventual listing aspects of JOPL.
This role highlights CAM’s comprehensive legal advisory services covering structuring, documentation, negotiation, and compliance for a significant pre-IPO capital raise in the MSME tech-led B2B ecommerce sector. JSW One MSME offers an end-to-end ecosystem, including commerce, credit, and fulfilment, aiming to simplify sourcing and accelerate growth for over 500,000 building and manufacturing MSMEs across the country.
[1] Source: Press release from Cyril Amarchand Mangaldas, dated 12th July 2023. [2] Source: Press release from JSW One Platforms Limited, dated 14th July 2023. [3] Source: Press release from JSW One MSME, dated 15th July 2023. [4] Source: Business Standard, dated 16th July 2023.
The legal counsel, Cyril Amarchand Mangaldas, provided comprehensive advisory services for the finance-related aspects of JSW One Platforms Limited's significant pre-IPO capital raise. Meanwhile, they also offered guidance on the potential listing of JSW One MSME, another finance-related matter.
