B2B e-commerce platform Elasticrun has raised USD 330 million from Softbank and others and looks to achieve a gross merchandise value in the next four years, a top company official said on Thursday.
SoftBank Vision Fund 2 led the investment round by infusing USD 200 million in Elasticrun while Naspers, Prosus, Goldman Sachs Assets Management, Chimera and Innoven jointly infused USD 130 million the rural market-focussed B2B firm at an enterprise valuation of around USD 1.5 billion, Elasticrun co-founder and CEO Sandeep Deshmukh told PTI.
“The fund will help us achieve USD 3 billion GMV over period of the next 15 months and take us beyond it to the target of USD 10 billion in the next 4 years,” Deshmukh said. The company provides platform for small Kirana stores in the deep rural parts of India to source supplies mainly FMCG products.
“We will be utilising fund to build logistics network and fulfilment centre across the country. We cover nearly 80,000 villages across 28 states. Our goal is to build our reach further in these states while also simultaneously growing in the rest of the country,” Deshmukh said. Elasticrun plans to reach 1.5 lakh villages by 2023, he said.
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