ElasticRun Pune startup raises $75M from Kalaari Capital, and others

Pune-based kirana trade stage for country regions ElasticRun on Thursday said it has raised $75 million (about Rs 550 crore) in a Series D round drove by Avataar Ventures, Prosus Ventures, and Kalaari Capital.

In a proclamation, the startup said the new speculation round will help grow its venture further into country markets, empowering access for huge buyer brands, food brands, and web based business stages to kirana shops.

In the course of the most recent year and a half, our buyer items and food business serving the provincial Kirana shops has seen emotional development. The COVID-19 pandemic has upgraded center for some brands towards rustic business sectors, and our model has empowered us to convey genuine worth to them and develop our image bin essentially, ElasticRun Co-originator and CEO Sandeep Deshmukh said

As we keep on broadening our venture further into the country through our coordinations and exchange stages, we have likewise been adding new abilities like credit and examination layers to the center stage. We expect 2021 to be our greatest year yet, and are looking to dramatically multiply our business throughout the following a year, he added.

The current Series D round takes the complete financing raised by ElasticRun to about $132 million. In 2019, the startup brought $40 million up in its Series C speculation drove by Prosus Ventures and Avataar.

Established by Sandeep Deshmukh, Saurabh Nigam, and Shitiz Bansal in 2016, ElasticRun works in more than 300 urban communities in India and works with more than 125,000 retail outlets.

The startup’s present income run rate is around $350 million and is required to get $1 billion throughout the following a year, it said. The startup has more than 100 brands, including top FMCG players like HUL, P&G, ITC, Marico, Britannia, Colgate, Nivea, Patanjali, and Dabur.