This round of funding will help expand its reach to rural markets in the next 12-18 months.
Standing at a valuation of $400 Million after the latest round of funding, corner store platform ElasticRun has raised $75 million from round led by existing investors Prosus Ventures, and Avataar Ventures, with participation from Kalaari Capital. This round of funding will help expand its reach to rural markets in the next 12-18 months.
In 2016, the company raised $2 million in seed funding from Norwest Venture Partners and Kalaari Capital. It also received $5 million in 2017 from the same investors as a part of Series A funding. The two funds pumped in $8 million later as part of its Series B funding in 2018. Prosus and Avataar Ventures came on board in 2019, while Norwest exited the start-up after a $40 million fundraise.
ElasticRun is a Pune-based company and is presently partnering with 125,000 retail outlets across India. It has more than 100 brands in its purview including P&>, HUL, Marico, ITC, Colgate, Britannia, Patanjali, Nivea, and Dabur among others.
India has over 12 million Kirana shops across the country which remain underserved and under-connected, but have the potential to grow to $600 billion over the next five years.
Source: Business World
