Pune -based logistic startup ElasticRun raised $40 million in a Series C round of funding from Bengaluru-based Kalaari Capital, South Africa-based Prosus Ventures, and Avataar Venture Partners.
ElasticRun has raised a total of $57.1 million funding in 4 rounds from 4 investors, including Norwest Venture Partners.
Kalaari Capital, a Bangalore investing in an early-stage investment firm and Norwest Venture Partners, a global venture capital and growth equity investment firm that manages more than $7.5B in capital are funding the startup ElasticRun from pre-series A round and participated in every round.
The Logistics startup ElasticRun is providing transport solutions to small to mid-sized firms from a warehouse to last-mile distribution.
Logistics startup ElasticRun founded in 2016 by former Infosys executives Sandeep Deshmukh-IIM Ahmedabad postgraduate, Saurabh Nigam- BE graduate from Delhi College of Engineering, and Shitiz Bansal- IIT BHU alumnus.
“The last mile problem is still a major issue both for logistics and consumer goods companies in India. By working with a 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, cofounder and CEO, ElasticRun.
The startup ElasticRun is offering transport services to a wide range of sectors, including FMCG, Food, Manufacturing, and E-commerce.
The company is managing the challenges of the Indian logistics sector, which is the most funded sector this year.
Logistic sector raised $1.79 billion in this year, 23.3% of total funding raised by Indian startups in the current year.
Presently the company is operating from more than 200 cities and has the plan to expand its business to cover pan India.
Logistic startup ElasticRun is competing with other competitors, like Delhivery, Grab, Shadowfax Technologies, and Quickli. ElasticRun has a significant growth opportunity in the large Indian logistics market.