ElasticRun raises $75 Mn led by Avataar Ventures and Prosus Ventures

Corner-stores commerce platform ElasticRun has raised $75 Mn, led by existing investors Avataar Ventures and Prosus Ventures, and participation from Kalaari Capital.The latest round values the company at $400 Mn post-money and will help expand its reach further into rural markets.

ElasticRun is helping over 125,000 neighborhood stores in India secure working capital, inventory from top brands, and work with e-commerce firms to boost revenues.The startup also works with banks and non-banking financial companies to help them fund unbanked retailers looking for cheaper source of financing to run their businesses. 

“We want to expand our network to onboard at least a million retail outlets over the next 12-18 months and we need money for that expansion, besides spending on technology development,” said co-founder Saurabh Nigam.

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