Logistics startup ElasticRun has picked up USD 40 million in a Series C round led by Prosus Ventures. Existing investors Avataar Ventures and Kalaari Capital also participated in the round.
Prosus Ventures is the venture division of South African media group Naspers.
The fresh funds will be used to leverage its technology platform, expand categories, increase the network coverage to new geographies and upgrade its analytics and machine learning platforms.
ElasticRun is an aggregated variable capacity transportation network built using idle transportation and logistics capacities from large number of dispersed entrepreneurs. It caters to industries across the board, including FMCG, Food, Manufacturing and E-commerce. Some of the offerings by ElasticRun are primary distribution, secondary distribution and last mile connectivity.
ElasticRun’s services are already available in over 200 cities and are built on its network of small convenience stores. ElasticRun enables small store owners to leverage the less crowded times of the day to gain increased revenue by handling local last-mile deliveries.
The Pune-headquartered firm has raised a total of USD 57.1 million in funding over four rounds.
Deshmukh, formerly a senior executive at Amazon India, founded ElasticRun along with Saurabh Nigam and Shitiz Bansal, who were both with EdgeVerve, the product and platform unit of Infosys in 2016.
The major competitors of ElasticRun includes Delhivery, Loadshare, Grab, Shadowfax Technologies, and Quickli.