ElasticRun, a Pune-based logistics startup that counts Amazon India and Procter & Gamble among its top customers, has raised $45 million in Series C funding from Naspers and the newly-launched Avataar Ventures, sources said. An official announcement on the funding could be made on October 30.
Started in March 2016 by former Infosys executives Sandeep Deshmukh, Saurabh Nigam and Shitiz Bansal, ElasticRun leverages local kirana stores and small warehouses across the country to help consumer goods companies and e-commerce firms increase the distribution of their products.
The startup faces competition from the likes of Delhivery, Blackbuck and Rivigo. Before launching ElasticRun, Deshmukh had worked with Amazon India for over four years leading the company’s hyper local venture called “KiranaNow”.
For Avataar Ventures, the $300 million fund that focused on B2B startups, ElasticRun is among the first investments since its launch in September this year.ElasticRun had earlier raised $17.1 million from Norwest Venture Partners and Kalaari Capital. The latest round takes the total funds raised so far to $62 million. Avendus Capital is the exclusive financial advisor to ElasticRun on the transaction.