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- ElasticRun
ElasticRun Revenue, Valuation, Funding & Investors
ElasticRun is valued at $1.5B as of February 2022. ElasticRun revenue was $147M, as disclosed with its April 2021 round.
Last ElasticRun valuation
$1.5B
Series E · Feb 2022
Last ElasticRun funding round
$330M
Series E · Feb 2022
ElasticRun revenue
$147M
Series D · Apr 2021
Key investors in ElasticRun
Kalaari Capital
Norwest
Prosus Ventures
InnoVen Capital
Avataar Venture Partners
Goldman Sachs
About ElasticRun
ElasticRun is a rural logistics platform extending FMCG distribution, e-commerce delivery, and financial services to underserved areas in India. Bengaluru-headquartered and founded in 2016, it leverages a network of 100,000 Kirana stores for last-mile fulfillment. Partnerships with Hindustan Unilever and Amazon India enable hyperlocal inventory and data-driven marketing insights for rural consumers.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services, Subscription
Revenue
$147M (Apr 2021)
Valuation
$1.5B (Feb 2022)
ElasticRun Valuation
ElasticRun is currently valued at $1.5B, based on its Series E in February 2022.
The $330M round was led by Goldman Sachs and SoftBank Group, with participation from Chimera Investment, Prosus Ventures and InnoVen Capital.
ElasticRun's valuation has grown 23x from $65M at its Series B in October 2018 to $1.5B in February 2022, across 4 priced rounds.
ElasticRun valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2022 | Series E | $1.5B | - |
| Apr 2021 | Series D | $400M | 2.7x |
| Oct 2019 | Series C | $250M | - |
| Oct 2018 | Series B | $65M | - |
ElasticRun Revenue
ElasticRun's latest recorded revenue is $147M, as of its Series D in April 2021. At a $400M valuation, that implies a 2.7x revenue multiple.
ElasticRun revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2021 | $147M | $400M | 2.7x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
ElasticRun Funding History
ElasticRun has raised a total of $462M across 6 funding rounds.
ElasticRun's first fundraising round was a $2M seed round in November 2016. The most recent completed round was a $330M Series E in February 2022.
ElasticRun funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2022 | Series E | Goldman Sachs (lead); SoftBank Group (lead); Chimera Investment; Prosus Ventures; InnoVen Capital | $330M | $1.5B | ElasticRun is a B2B e-commerce platform headquartered in Pune, India that helps hundreds of thousands of neighborhood stores (kiranas) across Indian cities and towns secure inventory from top brands and obtain working capital. The company operates a crowdsourced, asset-light logistics network of partners who deliver services to these stores, enabling e-commerce firms and major brands such as Amazon, Coca-Cola, PepsiCo, Tata Consumer Products, Reliance Retail, Pidilite, Unilever, Dabur, Colgate, Britannia, Godrej, and Marico to reach customers in underserved rural markets. In February 2022, ElasticRun closed a $330 million Series E funding round led by SoftBank Vision Fund 2 and Goldman Sachs Asset Management, with participation from existing investor Prosus Ventures and new investors Chimera and InnoVen Capital. The round valued ElasticRun at $1.5 billion post-money, more than tripling its previous $400 million valuation from the Series D round in April 2021. This funding brought ElasticRun's total capital raised to over $430 million. The company intended to use the new capital to expand geographically and increase its corner store customer base across India's growing B2B marketplace sector. |
| Apr 2021 | Series D | Avataar Venture Partners (lead); Prosus Ventures (lead); Kalaari Capital | $75M | $400M | ElasticRun is a B2B e-commerce platform connecting brands and FMCG companies to neighborhood kirana stores across rural India. The company helps local retailers secure working capital, inventory from top brands, and access to e-commerce partnerships to boost revenues. As of April 2021, the startup operated in more than 300 cities across nearly all Indian states and worked with over 125,000 neighborhood stores, with plans to expand to 1 million stores within 18 to 24 months. The company raised $75 million in its Series D financing round co-led by existing investors Avataar Ventures and Prosus Ventures, with Kalaari Capital also participating. This round brought ElasticRun's cumulative funding to $130.5 million. At the time of the Series D announcement, ElasticRun reported a revenue run rate of approximately $350 million and projected growth to over $1 billion within the following 12 months. The company operated a variable-capacity, crowdsourced delivery model and worked with over 100 brands including major FMCG players such as HUL, P&G, ITC, Marico, Colgate, Nivea, Patanjali, and Dabur. The round enabled the company to further expand its reach into rural markets and provide early employees with tangible benefits of the firm's growth. |
| Oct 2019 | Series C | Avataar Venture Partners (lead); Prosus Ventures (lead); Kalaari Capital | $40M | $250M | ElasticRun raised USD 40 million in October 2019 in a round led by Prosus Ventures, formerly Naspers Ventures, with participation from existing investors Avataar Venture Partners and Kalaari Capital. Prosus joined as a new investment partner. The capital was earmarked to expand the company's network coverage to new geographies and deepen its operations in existing ones, and to build technology and logistics capability. Earlier in 2019, ElasticRun had raised Rs 58.2 crore from Kalaari Capital Partners and Norwest Venture Partners at a valuation of Rs 513 crore, according to regulatory filings. ElasticRun is a Pune-based logistics and distribution startup founded by Sandeep Deshmukh, Shitiz Bansal and Saurabh Nigam. It runs a virtual logistics network that connects manufacturers and brands with neighbourhood kirana stores using local transporters and a technology platform. |
| Oct 2018 | Series B | Kalaari Capital (lead); Norwest (lead); InnoVen Capital | $8M | $65M | ElasticRun raised a Series B round in October 2018 of about USD 8.1 million, with Kalaari Capital and Norwest Venture Partners, its existing investors, taking part. The company had previously raised a USD 2 million seed round in November 2016 and a USD 7 million Series A in April 2017, both from the same two investors. ElasticRun is a Pune-based logistics and distribution company founded by Sandeep Deshmukh, Shitiz Bansal and Saurabh Nigam. It runs an asset-light model that aggregates transport capacity from dispersed local providers and sells it to enterprises, which lets customers avoid fixed logistics capital expenditure. Later in 2019 the company raised a USD 40 million Series C led by Prosus Ventures, then known as Naspers Ventures, with Avataar Venture Partners and Kalaari, and in 2021 and 2022 it raised larger Series D and E rounds as it moved into serving neighbourhood retail stores. |
| Apr 2017 | Series A | Kalaari Capital (lead); Norwest (lead) | $7M | - | ElasticRun is a Pune-based logistics technology company founded in March 2016 by Sandeep Deshmukh, Saurabh Nigam, and Shitiz Bansal, operating an asset-light platform that aggregates variable transportation capacity from dispersed logistics providers to serve enterprises in pharma, e-commerce, food, automotive, and hospitality sectors. The platform enables clients to reduce fixed capex on logistics by providing flexible, on-demand capacity, optimizing goods movement across touchpoints, and lowering costs through network aggregation. In April 2017, ElasticRun raised $7 million in a funding round led by Kalaari Capital and Norwest Venture Partners, completed in two tranches with the first $2 million in April 2016 upon meeting board targets. The funds supported building technology infrastructure, hiring talent, and expanding operations in last-mile and middle-mile logistics for e-commerce and distribution for pharma companies. Founders brought experience from DHL, Amazon, and Infosys, positioning ElasticRun to address India's high-capex, low-tech logistics challenges. |
| Nov 2016 | Seed | Kalaari Capital (lead); Norwest (lead) | $2M | - | Kalaari Capital and Norwest Venture Partners invested a combined USD 2 million (about INR 13.7 crore) in ElasticRun, with each fund contributing USD 1 million. The investment was reported in November 2016 and valued the company at about USD 7.25 million post-money. Kalaari partner Rajesh Raju joined the board of NTex Transportation Services Private Limited, the entity that runs ElasticRun. The funding was an early seed-stage commitment to a company still operating in stealth. ElasticRun is a Pune-based logistics and distribution company founded in April 2015 by Shitiz Bansal, Sandeep Deshmukh and Saurabh Nigam, with offices in Mumbai and Bengaluru. It is building an asset-light, app-driven platform that runs last-mile and middle-mile operations for e-commerce companies and primary and secondary distribution for pharmaceutical companies. At the time it served a Fortune 500 e-commerce company for last-mile delivery and was working with a Fortune 500 pharma company on national distribution. |
Who has invested in ElasticRun?
8 investors have backed ElasticRun across its funding rounds, including Kalaari Capital, Norwest, Prosus Ventures, InnoVen Capital, Avataar Venture Partners and Goldman Sachs.
Lead investors include Goldman Sachs, SoftBank Group, Avataar Venture Partners, Prosus Ventures, Kalaari Capital and 1 other investor.
ElasticRun Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Nov 2016 | ||
| 3 | Lead | Nov 2016 | ||
| 3 | Lead | Oct 2019 | ||
| 2 | Lead | Oct 2019 | ||
| 2 | Participant | Oct 2018 | ||
| 1 | Lead | Feb 2022 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialElasticRun Competitors
ElasticRun competitors include listed companies like GigaCloud Technology and GuoChuang Software, and private ones like Bringg, YH Global, Meicai and Cart.com.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $1.3B | $158M | $2.1B | 1.5x | ||
| Publicly listed | $221M | ($18M) | $872M | - | ||
| Private | - | - | $7B | - | ||
| Private | $176M | - | $1.6B | 9.1x |
ElasticRun Public Comps
ElasticRun is still privately-owned, but its public comps include Chambal Fertilisers, Deepak Fertilisers, Bayer CropScience, SLC Agricola, DCM Shriram, Paradeep Phosphates, Tata Chemicals, Presco, Adecoagro and BASF India.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.2B | $305M | 0.7x | 0.6x | 4.9x | 4.9x | |||
| $988M | $182M | 2.1x | 1.5x | 11.2x | 8.5x | |||
| $578M | $97M | 2.4x | 2.3x | 14.3x | 14.3x | |||
| $1.8B | $488M | 2.0x | 2.0x | 7.4x | 7.0x | |||
| $1.4B | $168M | 1.1x | - | 9.1x | - | |||
| $1.1B | $214M | 2.2x | 0.9x | 10.8x | 10.7x | |||
| $1.5B | $18M | 1.6x | 1.5x | 133.0x | 11.9x | |||
| $246M | $174M | 6.5x | 6.0x | 9.2x | 9.8x | |||
This data is available for Pro users. Sign up to see all ElasticRun competitors and their valuation data. Start Free Trial | ||||||||
Common questions about ElasticRun
| When was ElasticRun founded? | ElasticRun was founded in 2016. |
| Where is ElasticRun headquartered? | ElasticRun is headquartered in Pune, India. |
| Is ElasticRun publicly listed? | No, ElasticRun is a private, VC-backed company. |
| What is ElasticRun's valuation? | ElasticRun was last valued at $1.5B in its Series E in February 2022. |
| How much funding has ElasticRun raised? | ElasticRun has raised $462M across 6 funding rounds. |
| What was ElasticRun's last funding round? | ElasticRun's last funding round was a $330M Series E in February 2022, led by Goldman Sachs and SoftBank Group. |
| Who are ElasticRun's investors? | ElasticRun's investors include Kalaari Capital, Norwest, Prosus Ventures, Avataar Venture Partners, InnoVen Capital, SoftBank Group, Goldman Sachs and Chimera Investment. |
| What is ElasticRun's revenue? | ElasticRun's latest recorded revenue is $147M (April 2021). |
| What is ElasticRun's revenue multiple? | ElasticRun's latest valuation implies a 2.7x revenue multiple ($400M valuation on $147M of revenue). |
| Which companies are comparable to ElasticRun? | Companies comparable to ElasticRun include Bringg, YH Global, GigaCloud Technology, GuoChuang Software, Meicai and Cart.com. |
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