Kirana Commerce Platform ElasticRun Raises $75M In Series D Funding Round
ElasticRun, a Pune-based Kirana commerce platform for rural areas, has raised $75 million (about Rs 550 crore) in a Series D round led by Avataar Ventures, Prosus Ventures, and Kalaari Capital.
As per the startup, it will use the raised funds to expand its reach further into rural markets, enabling access for big consumer brands, food brands, and eCommerce platforms to Kirana shops.
Founded in 2016 by Sandeep Deshmukh, Shitiz Bansal and Saurabh Nigam, ElasticRun is a Kirana commerce platform that enables businesses to reach small Kirana stores in the deep rural parts of India.
It has been helping eCommerce companies reach customers in far-flung areas through its network of rural Kirana stores, also bringing banks and financial institutions closer to a new set of underserviced SME customers from its rural Kirana network.
Commenting about growth, Sandeep Deshmukh, ElasticRun Co-founder and CEO, said,
“As we continue to extend our reach deeper into the country through our logistics and transaction platforms, we have also been adding new capabilities such as credit and analytics layers to the core platform. We expect 2021 to be our biggest year yet, and are looking to more than triple our business over the next 12 months.”
ElasticRun operates in over 300 cities in India and works with over 125,000 retail outlets.
Working with over 100 brands, including top FMCG players such as HUL, Marico, Britannia, Colgate, Nivea, P&G, ITC, and Dabur, the startup claims to have a current revenue run rate of around $350 million. As per the startup, it expects to cross $1 billion over the next 12 months.
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