India-based B2B and ecommerce logistics startup ElasticRun operated by Ntex Transportation Services Pvt. Ltd. has secured US$300 million in its Series E funding round led by Japan’s SoftBank Group. The financing round was also joined by Goldman Sachs and existing investor Prosus Ventures.
With the latest funding round, ElasticRun has attained a valuation of about US$1.4 billion and becomes the seventh Indian unicorn in 2022. The company’s valuation has jumped over 3x as it was valued at US$400 million during its previous funding round in April 2021 when it had raised US$75 million from existing investors including Prosus Ventures, Avataar Ventures, and Kalaari Capital.
According to the company, SoftBank has invested through its affiliate SVF II Eagle LLC nearly US$180 million. It also marks SoftBank’s first Indian investment this year. SoftBank now owns 14 percent stake in the company. Prosus Ventures infused about US$54.79 million and Goldman Sachs invested US$30.14 million and US$4.64 million in this funding round.
ElasticRun plans to use the fresh funding for the expansion and growth of its operations.
Founded in 2016 by Sandeep Deshmukh, Shitiz Bansal, and Saurabh Nigam, ElasticRun provides a distribution and logistics platform designed to help businesses reach traditionally un-serviced consumers.
ElasticRun’s platform 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. It has been helping ecommerce companies reach customers in far-flung areas through a network of rural kirana stores.
The startup’s platform brings financial institutions and banks closer to a new set of underserviced SME customers from its rural Kirana network. The company has been connecting the data generated from its platform to help its customers sharpen their marketing plans.
As per the company’s website, its clientele includes Tata Consumer Products, Coca-Cola, Reliance Retail, and Amazon.