Pune-based Kirana commerce platform for rural areas ElasticRun on Thursday said it has secured USD 75 million (about Rs 550 crore) in funding led by existing investors Avataar Ventures, Prosus Ventures and participation by Kalaari Capital.
The latest capital-raising exercise will enhance the valuation of the company to 400 million USD and also increase its penetration in rural markets. ElasticRun will use the investment to expand its reach in rural markets, enabling access for big consumer brands, food brands, and e-commerce platforms to kirana shops, the company said in a statement.
“Over the last 18 months, our consumer products and food business serving the rural Kirana shops has seen dramatic growth. The COVID-19 pandemic has enhanced focus for many brands towards rural markets, and our model has enabled us to deliver real value to them and grow our brand basket significantly, ElasticRun Co-founder and CEO Sandeep Deshmukh said.
At the same time, he said, 2020 has seen one of the biggest growth spikes in the store network and e-commerce business.
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“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,” he added. The company raised $2 million in seed funding from Kalaari Capital and Norwest Venture Partners in 2016. It received $5 million from the same investors as part of its Series A round in 2017.
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