Kirana commerce platform ElasticRun has scooped up over $300 million in its Series E round led by SoftBank Vision Fund 2. Goldman Sachs and existing investor Prosus Ventures also participated in the new round.
According to the Pune-based startup’s regulatory filings, ElasticRun has approved the allotment of 19,958 Series E preference shares at an issue price of Rs 11,32,270 each to raise Rs 2,260 crore or $302 million.
Softbank has spearheaded this round with Rs 1,342.3 crore followed by Prosus, Goldman Sachs, Chimetech and Gablehorn Investments which have invested Rs 409 crore, Rs 272.5 crore, Rs 225 crore and Rs 11.2 crore respectively.
As per Fintrackr’s estimates, ElasticRun has raised the fresh funds at a post-money valuation of $1.44 billion. The company’s valuation has jumped over 3X as it was valued at $400 million during its previous funding round in April. As of now, it has mopped up over $430 million.
According to Entrackr’s sources, the round is likely to get bigger as it will have some secondary components. Queries sent to ElasticRun didn’t elicit any immediate reply.
After the allotment of this round, ElasticRun’s co-founder Sandeep Deshmukh retains a 10.09% stake in the company followed by Saurabh Nigam and Shitiz Bansal who command a 5.97% stake each. Prosus stands out as the largest stakeholder among investors with 21.36% whereas Avataar and Kalaari have 18.68% and 15.72% stakes respectively.
The top investor of this round: SoftBank has acquired a 12.4% stake in ElasticRun.
Founded in 2016, ElasticRun acts as an extended arm of FMCG companies’ distribution reach. The company claims to have more than 100 brands including HUL, P&G, ITC, Marico, Britannia, Colgate, Nivea, Patanjali and Dabur with operations in more than 500 locations across 28 states.
ElasticRun is the sixth startup to gain unicorn status in 2022. Last month, social commerce startup DealShare, HR tech startup Darwinbox raised fresh funds at over $1 billion valuation. The list also includes edtech startup LEAD, analytics solutions provider Fractal and Baby and mother care brand Mamaearth.