档案库 · 电商与平台 · 战略决策 · 2016-2026
ElasticRun的kirana电商赌注：软银独角兽估值15亿美元，FY25亏损收窄60%
ElasticRun押注众包物流能让快消品牌触达1000万乡村kirana：软银3.3亿美元融资，FY25营收26.53亿卢比，亏损收窄60%。
ElasticRun
做的是什么生意
A B2B commerce and logistics platform: ElasticRun procures FMCG goods, routes them through crowdsourced delivery partners, and sells to mom-and-pop kirana stores across rural and semi-urban India.
启动资金：Over $430M raised, including a $330M Series E led by SoftBank Vision Fund 2 and Goldman Sachs at about $1.5B in February 2022 (TechCrunch, Inc42), after a $75M Series D at $400M in April 2021.
起因
Sandeep Deshmukh, the ex-Amazon India executive who built its 'I Have Space' crowdsourced delivery channel, founded ElasticRun in 2016 with Shitiz Bansal and Saurabh Nigam, both ex-EdgeVerve. Their bet: rural India's mom-and-pop stores were the true retail channel, and brands would pay for an elastic distribution network to reach them.
经过
ElasticRun scaled to 125,000+ retail outlets across 300+ cities and 100+ brands by April 2021, then raised $75M Series D at $400M (2021) and $330M Series E at about $1.5B in February 2022, becoming India's fifth unicorn of 2022 with SoftBank leading. Revenue reached ₹2,653 Cr in FY25 (+8% YoY), while employee costs fell 17% and the net loss narrowed 60% to ₹145.1 Cr.
结果
Still running and scaling: co-founder and CEO Deshmukh told Inc42 that FY25 was the company's best year operationally and that it is close to operational profitability, though it is still prioritizing growth over EBITDA.
背景
ElasticRun是2016年成立的位于浦那的B2B电商和物流平台，创始人为Sandeep Deshmukh、Shitiz Bansal和Saurabh Nigam。其赌注是印度约1200万家夫妻kirana店（其中约1000万家在乡村）是真正的零售渠道，一个众包的轻资产分销网络能成为快消品牌进入该市场的延伸手臂。
该模式规模化运作：截至2021年4月，ElasticRun服务300多个城市的12.5万+零售点、100+品牌，并在4亿美元估值下完成7500万美元D轮。2022年2月，SoftBank Vision Fund 2和Goldman Sachs领投3.3亿美元E轮，估值约15亿美元，成为印度2022年第五家独角兽，亚马逊、可口可乐、百事和Reliance Retail等品牌使用其网络。
规模化并未立即带来利润。FY25，ElasticRun运营收入26.53亿卢比，增长8%，但通过控制费用（员工成本降17%）将净亏损收窄60%至1.451亿卢比，同时改善产品组合，转向高利润服务收入和自有品牌。
截至2025年12月，公司表示接近运营盈利，但刻意未实现EBITDA盈利，因仍在投资增长。开放问题是，基于微薄贸易利润的分销网络能否在竞争（Udaan、Meesho和DealShare）中维持盈利。
这件事要成立，得有什么
- 众包轻资产模式让ElasticRun无需自有卡车和仓库就能扩展到数十万家门店。
- 2022年软银3.3亿美元E轮（估值15亿美元）验证了kirana分销是风投规模的市场。
- FY25业绩表明B2B网络即使在收入放缓时也能通过组合和成本纪律改善利润。
- ElasticRun通过贸易、物流、信贷和数据等多渠道变现，而非依赖单一收费。
可借鉴之处
轻资产众包让B2B网络快速扩张，但持久力在于利润而非GMV；ElasticRun FY25的亏损收窄来自成本纪律，而非新收入增长。
后续进展
截至2025年12月，ElasticRun仍聚焦增长：FY25运营收入26.53亿卢比（同比增8%），净亏损收窄60%至1.451亿卢比，员工成本下降17%，总费用持平。CEO Deshmukh称FY25是运营最好的一年，并称接近运营盈利，但尚未EBITDA盈利，因仍在投资增长。其网络覆盖印度数百个城市的数十万家kirana，服务HUL、ITC、P&G、可口可乐、百事和Reliance Retail等品牌，与Udaan、Meesho和DealShare竞争。
资料来源
- ElasticRun Narrows FY25 Loss By 60% to INR 145 Cr
- SoftBank, Goldman Sachs mint unicorn in Indian commerce startup ElasticRun
- Exclusive: ElasticRun Turns Unicorn With $330 Mn Funding From SoftBank
- Indian kirana commerce startup ElasticRun raises USD 75 million from existing backers
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