ElasticRun, a B2B ecommerce platform, has raised $330 million in funding. SoftBank and Goldman Sachs Asset Management led the round.
Pune, 17 February 2022 – ElasticRun, a B2B eCommerce platform enabling access to millions of rural Indian kirana shops, announced the closing of a US$330 million funding round led by SoftBank Vision Fund 2 and Goldman Sachs Asset Management. The latest round also saw participation from Chimera and Innoven along with long-term investor Prosus Ventures.
The investment will help the company expand its rural reach into 30+ states, enabling over a million kirana (neighbourhood retail) shops to conveniently access big consumer brands and food brands through its e-commerce platform. ElasticRun will also use the funds to expand its services nationally like credit facilities for retailers to enhance the value and experience offered by the kirana stores to their customers.
India has over 12 million kirana shops across the country of which 10 million are in rural markets. ElasticRun is democratising physical and digital access to Indian consumers by helping businesses reach traditionally unserved consumers through neighbourhood retail stores across the deepest rural pockets of India. These rural stores remain underserved by consumer brands due to the high-cost structures of traditional distribution networks, rural kirana store’s long distances from the cities and small order sizes.
Sandeep Deshmukh, ElasticRun co-founder and CEO, said, “We are proud of the transformational impact of our business, which has empowered rural store owners and consumers across the length and breadth of the country. Through the pandemic, our robust logistics and channel framework ensured uninterrupted supply and support to our rural kirana partners. We have been growing at a rapid pace and are consistently expanding our store network across India. We are delighted to have Softbank and Goldman Sachs join us in the journey to bring more rural kirana retailers and rural consumers to participate in the digital revolution underway in India.”ElasticRun, a B2B ecommerce platform, has raised $30 million in funding.