SoftBank Vision Fund 2 and Goldman Sachs to back ElasticRun
By MYBRANDBOOK
According to reports, SoftBank Vision Fund 2 and Goldman Sachs are in talks to back ElasticRun. The proposed Series E financing round, at about $200 million, values ElasticRun at over $1 billion.
The start-up ElasticRun is helping hundreds of thousands of neighborhood stores across hundreds of Indian cities and towns secure inventory from top brands and working capital. It collaborates with e-commerce firms and other big brands to help these stores boost their revenues. The e-commerce firms and brands, in turn, gain access to a large market that has historically proven difficult to penetrate.
The company counts Prosus Ventures and Avataar Ventures among its existing backers and has raised $130.5 million prior to the new round. ElasticRun has developed a crowdsourced, asset-light logistics network of partners who deliver the services to the neighborhood stores (popularly known as kiranas).
Some of the major firms that work with ElasticRun to tap this network include Amazon, Tata Consumer Products, Coca-Cola, PepsiCo and Reliance Retail, India’s largest retail chain.
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