Standing at a valuation of $400 Million after latest round of funding, corner store platform ElasticRun has raised $75 million from round led by existing investors Prosus Ventures, and Avataar Ventures, with a 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&G, HUL, Marico, ITC, Colgate, Britannia, Patanjali, Nivea, and Dabur among others.
India has over 12 million kirana shops across the country which remain under-served and under connected, but have the potential to grow to $600 billion over next five years.