Indian startup, ElasticRun, has raised US$ 40 million from Prosus Ventures, formerly Naspers Ventures, and also from Avataar Ventures and Kalaari Capital in a series A funding. Most had already been previous investors with the startup that is into logistics.
This indian start-up analyzed the logistics market and its needs. It researched a lot and identified the problems faced by the people in logistics and discovered a local solution for such issues in a more elegant way. The logistics start-up is benefitting various small store owners, increasing their revenues by utilizing some time for last-mile activities.
Now, having a national reach and instant access to the highly distributed network is saving a lot of time and helping many customers across the nation. The whole transportation network is built using idle transportation and logistics and from a large number of entrepreneurs. Eventually, it is doing a great job when it comes to logistics based work.
The founders told Thailand Startup
News that the funds raised from the series A round will eventually help the start-up improving its network, said by Company’s officials. Accommodation of various new product lines using the tech platform expansion, evolution of data analytics, and machine learning are some other areas on which the company is planning to work. This Pune-based start-up has a great vision of expanding its existing network at other prominent locations and to strengthen the network at present.
ElasticRun was founded in the year 2016 by Sandeep Deshmukh, Saurabh Nigam, and Shitiz Bansal. The innovative start-up has had a successful run and expanded operations to 200+ cities across India so far. The company is also using the new founds to explore moving into other regional markets such as Indonesia and Philippines and Vietnam.
All of the cofounders in the startup
are very experienced in transportation technology and have good analytical thinking about the logistics know-how and thus their expertise is getting popular in the form of this start-up which is flourishing day by day.
As far as Nesper Ventures is concerned, it has an excellent record of investing in various companies. Some of them are Meesho, Dott, Byjus, iFood, Movile, Honor, Sololearn, Similarweb, Codeacademy, and Udemy.
Moreover, it has covered a wide range of niches ranging from eCommerce to education, logistics to the blockchain, etc. Thus, this investor has a vital role in the expansion and progress of ElasticRun and solving many days to day problems in this domain.
ElasticRun is also planning another funding round in late 2020 as it gets all its expansion plans and consolidation in the various markets in place by mid 2020.