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SoftBank, Goldman Lead $330 Million Round by India’s ElasticRun
A sales assistant arranges stock at a grocery store, known as a kirana, in Bengaluru, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
ElasticRun, an e-commerce startup that provides supply chain and credit services to India’s mom-and-pop shops or kiranas, raised $330 million in a funding round led by SoftBank Vision Fund 2 and Goldman Sachs Group Inc.
The startup will use the capital to expand into rural areas in over two dozen Indian states, according to a statement from the Pune-based company on Thursday. Chimera and Innoven also participated in the round, as did existing investor Prosus Ventures. ElasticRun is now valued at $1.5 billion, Sandeep Deshmukh, its co-founder and chief executive officer, said via phone.