SoftBank made its latest foray into India’s growing B2B marketplace sector, as ElasticRun more than tripled its valuation to $1.5bn.

Internet and telecommunications group SoftBank’s Vision Fund 2 has co-led a $330m funding round for ElasticRun, the India-based operator of a business-to-business (B2B) e-commerce platform, the latter has confirmed.

The round was co-led with investment banking firm Goldman Sachs’ Asset Management division and also featured internet group Prosus’s corporate venturing unit, Prosus Ventures, along with Chimera and InnoVen Capital.

The round valued the company at $1.5bn post-money and the announcement follows reports earlier this month that it had raised $300m in equity funding and $32m through a secondary share sale.

ElasticRun sells fast-moving consumer goods to small local businesses, connecting them with e-commerce companies, particularly in rural areas. It will use the funds to expand its rural network, with a view to doubling its customer base to 1 million local stores over the next year.

B2B marketplaces in India began to take off over the past decade as new…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.