ElasticRun is the year’s seventh unicorn, having raised $300 million from SoftBank and Goldman Sachs
- ByStartupStory | February 8, 2022
ElasticRun, a logistics and commerce firm, has more than tripled its valuation to $1.5 billion after raising $300 million from Goldman Sachs, and SoftBank, according to regulatory filings.
Sandeep Deshmukh, Shitiz Bansal, and Saurabh Nigam established ElasticRun in 2016 to assist kirana or neighborhood retailers in obtaining commodities and working money from big FMCG companies. Its technology allows for analytics and aggregation, as well as distribution to small communities.
ElasticRun 2022 is now India’s eighth unicorn, a word for private companies valued at $1 billion or more. It’s also SoftBank’s first investment in India this year, following a $3 billion commitment last year. The purchase hasn’t been formally disclosed yet since several aspects of the arrangement have not yet been completed, according to a source familiar with the situation who asked to remain anonymous.
SoftBank has made another investment outside of the traditionally loud and touted consumer internet area with this transaction. Logistics provider Delhivery and commerce and financing startup OfBusiness are among its other business-to-business ventures. Mamaearth, LEAD School, Dealshare, Fractal Analytics, Livspace, and Darwinbox are the other unicorns this year.
ElasticRun has received around $430 million in total, including this round, from funders such as Norwest Venture Partners, Kalaari Capital, Avataar Ventures, and Prosus (Naspers). While Prosus headed a $75 million round in April of last year, ElasticRun was estimated at $400 million.
Follow Startup Story
Related Posts
