ElasticRun – one of the major logistics service provider, raised a fresh fund of USD 40Mn in the round led by Prosus Ventures. The round included participation of Avataar Ventures and Kalaari Capital as well.

The company claims that the fund received will be invested to expand the network and build presence in various geographies while enhancing other parameters while deeply penetrating its operations.

Currently, its services are available in over 200 cities which are built on small outlets of convenience stores.

It is willing to step the game up by accelerating its thriving logistic network. It is also planning to further tap into technological advancements like analytics and machine learning to manage scale across the country and to board new product lines.

Sandeep Deshmukh, Co-founder and CEO, ElasticRun, said, “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. In addition, offering a flexible logistics extension to consumer goods companies to directly reach these small retail shops is a huge advantage over traditional distribution networks.”

ElasticRun while is furnishing plug and play network to consumer goods companies, it is expecting to grow into a million stores in the near future.

Prosus which is investing in businesses for more than a decade in India sais that ElasticRun is one of those rare businesses that identified massive need in the market, matched it with a local solution paired with technology to assist all parties involved