BENGALURU: B2B e-commerce platform ElasticRun is the latest start-up to join the coveted unicorn club after raising $330 million in Series E round. The start-up is now valued at $1.5 billion. The funding round was led by SoftBank Vision Fund 2 and Goldman Sachs Asset Management. The round also saw participation from Chimera and Innoven along with long-term investor Prosus Ventures.
ElasticRun enables businesses to reach small Kirana stores in the rural parts of the country and it acts as an extended arm of FMCG companies’ direct distribution networks in the rural area to provide a set of net new customers to the FMCG companies.
The investment will help the company expand its rural reach into over 30 states. The start-up will also use the funds to expand its services such as credit facilities for retailers. Sandeep Deshmukh, ElasticRun co-founder and CEO, said, “We have been growing at a rapid pace and are consistently expanding our store network across India.”