Logistics start-up ElasticRun has raised $40 million led by Prosus Ventures (formerly Naspers Ventures), with participation from existing investors Avataar Ventures and Kalaari Capital.
The Pune-based firm will use the funds to expand its technology platform, expand into additional categories and upgrade its analytics and machine learning platforms, the company said in a statement.
“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,” said Sandeep Deshmukh, ElasticRun Co-Founder and CEO.
“In addition, offering a flexible logistics extension to consumer goods companies to directly reach these small retails shops is a huge advantage over traditional distribution networks,” he added.
Avendus Capital was the financial advisor to ElasticRun on this transaction.
ElasticRun’s services are available in over 200 cities.