ElasticRun receives $40 million fund
By MYBRANDBOOK
A logistic startup, ElasticRun, based out of Pune, has raised a fund of $40 million, led by Prosus Ventures (formerly Naspers Ventures) with participation from existing investor Avataar Ventures and Kalaari Capital.
The new fund will help the company to expand its logistics network, build its technology platform to accommodate new product lines, expand the platform to additional categories and evolve its analytics and machine learning platforms to handle national scale. It will also help the company to expand its footprint to new geographies and strengthen its operations in existing geographies.
ElasticRun was founded by Sandeep Deshmukh, Saurabh Nigam and Shitiz Bansal in 2016 and its services are available in over 200 Indian cities. It leverages the network of small convenience stores by enabling the store owners to gain increased revenue by handling last mile deliveries. ElasticRun is also working with marquee consumer goods companies to offer plug-and-play distribution network. It provides deeper visibility into consumption data across Indian market to its customers. ElasticRun looks to extend this network to a million stores in the near future.
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