IPO-bound JSW One acquires Pidilite-backed BuildNext for up to ₹100 crore
New Delhi: IPO-bound JSW One Platforms Ltd on Thursday said it has acquired home design and project management company BuildNext Construction Solutions Pvt to expand its digital services for the Indian residential construction market.
Technology-enabled business-to-business (B2B) online platform acquires BuildNext in total ₹80-100 crore, a person aware of the matter told Mint, requesting anonymity.
Gaurav Sachdeva, chief executive officer of JSW One Platforms, said the acquisition targets inefficiencies in the home construction sector, which currently lacks coordination and visibility.
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“With JSW One Homes, we are building a platform that seamlessly brings together materials, design and execution. The addition of BuildNext meaningfully strengthens this vision, enabling us to deliver a more predictable and organized home building experience,” Sachdeva said in a statement.
“The company plans to use BuildNext’s capabilities to serve individual home builders, contractors and architects,” he added.
As part of the deal, JSW One will participate in a share swap agreement with Pidilite Ventures Pvt, a subsidiary of Pidilite Industries Ltd, one of BuildNext’s investors, the statement said. Although details of the deal, such as the share swap ratio, were not disclosed, the person previously cited said JSW One is valued at around $1.2 million. ₹13,000 crore before the execution of the share swap. Transaction between JSW and Pidilite It is expected to close on August 10.
Owner of BuildNext
As a result of the share exchange, JSW becomes the owner of BuildNext and Pidilite joins JSW One Platforms’ capital table.
JSW One Platforms, the Sajjan Jindal-led conglomerate’s B2B digital marketplace, is in talks with bankers for a $350-400 million initial public offering (IPO) later this year and is also in talks to raise a private round before listing, Mint reported earlier this month, citing sources.
Last year, Pidilite was a leading rival of paint firm Akzo Nobel India, which JSW Paints acquired for approx. ₹9,000 crore.
Pidilite subsidiary, as part of the Buildnext transaction ₹In a regulatory communication, Pidilite said Buildnext would make $22 billion by subscribing to compulsorily convertible preference shares (CCPS).
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Pidilite invested in February ₹3.75 crore by subscribing to convertible preference shares of Buildnext. The Fevicol maker said at the time that, after the conversion, Pidilite, together with its holdings in Buildnext, “will not exceed 34% of the issued and paid-up capital of Buildnext on a fully diluted basis.”
JSW One will incorporate BuildNext’s home design and project management technology into its existing platform, JSW One Homes.
BuildNext’s revenue was just above that, up 33% year over year ₹It reported a loss of Rs 18 crore in the financial year ending March 2025. ₹9 crore.
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