Pune-based ElasticRun gains unicorn status after raising $300 million funding

Pune-based ElasticRun has raised over $300 million in its Series E round, which was led by SoftBank Vision Fund 2. Goldman Sachs and existing investor Prosus Ventures also participated in the new round.

ElasticRun has approved the allotment of 19,958 Series E preference shares at an issue price of Rs 11,32,270 each to raise Rs 2,260 crore or $302 million, the start-up’s regulatory filings indicated.

Softbank has spearheaded this round with Rs 1,342.3 crore followed by Prosus, Goldman Sachs, Chimetech and Gablehorn Investments which have invested Rs 409 crore, Rs 272.5 crore, Rs 225 crore and Rs 11.2 crore respectively.

ElasticRun has raised the fresh funds at a post-money valuation of $1.44 billion. The company’s valuation has jumped over 3X as it was valued at $400 million during its previous funding round in April. As of now, it has gone up over $430 million. The round is likely to get bigger as it will have some secondary components.

ElasticRun’s co-founder Sandeep Deshmukh retains a 10.09% stake in the company followed by Saurabh Nigam and Shitiz Bansal who command a 5.97% stake each. Prosus stands out as the largest stakeholder among investors with 21.36% whereas Avataar and Kalaari have 18.68% and 15.72% stakes respectively.

The top investor of this round: SoftBank has acquired a 12.4% stake in ElasticRun.

ElasticRun is the sixth startup to gain unicorn status in 2022.