ElasticRun secures $75M in Series D round from existing investors
Category: #retail  By Pankaj Singh  Date: 2021-04-30
  • sharesocial_share_icon
  • Twitter
  • Facebook
  • LinkedIn

ElasticRun secures $75M in Series D round from existing investors

ElasticRun, a logistics and distributor platform, has reportedly bagged $75 million in a Series D funding round co-led by existing investors namely Prosus Ventures and Avataar Ventures. This funding round also includes participation from Kalaari Capital, taking the total funding raised to $130.5 million to date.

Over the past years, the 4-year-old startup has been assisting above 125,000 neighborhood stores in India in terms of securing working capital, working with e-Commerce firms, and gaining inventory from top brands. The latest funding round will enable the company to expand its reach in the world’s 2nd-largest internet market.

Furthermore, ElasticRun has been assisting merchants in operating stores, who visit bigger cities to secure inventory, getting affordable and reliable goods directly from the big brands. In order to meet the needs of these merchants, the company also has partnered with large-sized e-Commerce firms such as Flipkart and Amazon to utilize the workforce and ensure increased deliveries to the customers.

As per the statement made by Prosus Ventures’ Head of Investments for India, Ashutosh Sharma, ElasticRun has developed a variable-capacity and crowdsourced delivery model, leading towards gaining a competitive edge over other players with a fixed number of people on payrolls to make these deliveries. In addition, the company has been maintaining consistent growth by leveraging new opportunities in the market, he added.

For those unversed, the startup is presently operating across more than 300 cities in India, with nearly 125,000 neighborhood stores. Shitiz Bansal, ElasticRun’s Chief Technology Officer & Co-founder, has reportedly cited that the company is further planning to reach 1 million stores in the next 18-24 months. Its current run rate is over $350 million and is targeting to reach up to $1 billion over the next 12 months, he added.

Saurabh Nigam, ElasticRun’s Chief Operating Officer & Co-founder, has reportedly stated that the latest financing round will allow the company to provide its early employees access to the tangible benefits of its growth in the past 5 years.

Source credit:

https://techcrunch.com/2021/04/28/elasticrun-raises-75-million-to-grow-its-commerce-platform-for-neighborhood-stores-india/



About Author

Pankaj Singh

Email: [email protected]   linkdin twitter

Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

More News By Pankaj Singh

MGMA partners with WhiteSpace Health to unveil MGMA DataDiscovery tool

MGMA partners with WhiteSpace Health to unveil MGMA DataDiscovery tool

By Pankaj Singh

Well-known medical practice management organization, Medical Group Management Association (MGMA) has reportedly joined forces with WhiteSpace Health to release a new medical group analytics tool, MGMA DataDiscovery. Th...

Santex acquires U.S. online retailer Parentgiving for market expansion

Santex acquires U.S. online retailer Parentgiving for market expansion

By Pankaj Singh

Italy-based personal care and incontinence product manufacturer Santex SPA has reportedly acquired Parentgiving Inc., America’s top-rated e-commerce retailer of geriatric care products.

LVMH revamps La Samaritaine store and opens it in tourist-less Paris

LVMH revamps La Samaritaine store and opens it in tourist-less Paris

By Pankaj Singh

La Samaritaine, a historic landmark of 19th century France, has been reportedly revamped as a new destination for dining, all-in-one shopping, and tourism by LVMH, a French luxury conglomerate. The stores&rs...