ElasticRun, a logistics startup, has been able to secure $40 million (approx INR 283 crore) funding from Prosus Ventures, Avataar Ventures, and Kalaari Capital, reported Mint.
The Pune-based startup ElasticRun will use the freshly-pumped financials 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.
Also, the platform ElasticRun will also stretch its network coverage to new geographies and deepen its operations in existing geographies.
“The last mile problem is still a major issue both for logistics and consumer goods companies in India. By working with the network of small stores across the country, we solve that problem while helping the store owners grow their businesses. In addition, offering a flexible logistics extension to consumer goods companies to directly reach these small retail shops is a huge advantage over traditional distribution networks,” said Sandeep Deshmukh, co-founder and CEO at ElasticRun.
ElasticRun was founded by Sandeep Deshmukh, Saurabh Nigam and Shitiz Bansal in 2016. The platform ElasticRun supports small convenience stores owners to gain increased revenue by handling last mile deliveries.
Presently, ElasticRun is serviceable in over 200 Indian cities.
The platforms also works 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.
“Naspers has been investing in India for more than a decade, partnering with businesses that are solving big societal needs with technology, in a uniquely Indian way. ElasticRun is one of those rare businesses that identified a massive need in the market, matched it with a local solution paired with technology, for the benefit of all parties involved. Consumers get faster deliveries and greater choice of goods, store owners realize increased revenues and touchpoints with their customers, and consumer goods companies get better access and insight into their target audiences,” said Ashutosh Sharma, Head of Investments for India, Prosus Ventures.
The founding team’s extensive logistics experience, knowledge of local market conditions and their state-of-the-art technology platform makes it a good bet for Prosus, Sharma added.
Apart from ElasticRun, some of the significant logistics startup under the similar roof include Delhivery, Ecom Express, Ekart Logistics, Blue Dart, Xpressbees, DotZot, etc.