Logistics startup ElasticRun raises $40 million to expand to new geographies
ElasticRunraised $40 million from Prosus Ventures, which was formerly called Naspers Ventures.
- The startup is currently present in 200 cities in India.
- This year, two
logistics startupsDelhivery and Rivigo have achieved unicorn status.
AdvertisementPune-based logistics firm ElasticRun raised $40 million from Prosus Ventures, which was formerly called Naspers Ventures. The round also saw participation from Avataar Ventures and Kalaari Capital.
With the funding, ElasticRun will invest in building its technology platform and evolve its analytics and machine learning platform. The startup also wants to expand to newer geographies. It is currently present in 200 cities in India.
“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 at the same time. 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, ElasticRun Co-Founder and CEO.
The latest funding in the $300 billion logistics industry in India is another proof of growing investor interest in the category. This year, two logistics startups Delhivery and Rivigo also achieved unicorn status.
Rivigo raised $65 million in its latest Series E round. The funding came in from PE firm Warburg Pincus and SAIF Partners. Another logistics startup Blackbuck raised funds in May and fell a few million short of being a unicorn. It is currently valued at $950 million.
Blackbuck raised $150 million from Goldman Sachs Investment Partners and Silicon Valley-based Accel, along with Wellington, Sequoia Capital, B Capital and LightStreet and existing investors Sands Capital and International Finance Corporation.
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