Pune-based logistics startup ElasticRun who has been doing stealth business all these years raised funds worth 2 million USD through the help of its existing Venture Capitalists KalaariCapitals and Norwest Venture Partners.
The two Venture Capitalists invested 1 million USD each in the firm thus moving ahead with the joining of Raju Rajesh from Kalaari Investments to join as Board of Directors in ElasticRun, NTex Transportation Services Private Limited. The firm was founded in April 2015 by Shitiz Bansal, Saurabh Nigam and Sandeep Deshmukh is a parallel logistics of Uber Inc. which is completely based on building asset-light app-driven distribution company.
According to ElasticRun,ElasticRun is building next-generation transportation technology that will power the ecommerce and distribution industry of India. It is headquartered in Pune with offices in Mumbai and Bangalore.
The Pune-based company allows its customers to run the transportation and supply chain system in an asset-light model. It follows a disruptive operating model and technology to deliver products to its customers. It operates in thespace run of a middle mile and last mile operations for the e-commerce industry along with primary and secondary distribution in Pharma companies. At present, it works with 500 startup firms dealing with e-commerce thus paying for the last mile services.
At present, it works with 500 startup firms dealing with e-commerce thus paying for the last mile services. It subsequently works with top best 500 pharmaceutical companies for its national distribution network on a pay-per-use basis, which further helps its customers build the chain. The relevance to technology in the Indian context helps ElasticRun enhancing its mode to receive orders and dispatch delivery through their own drivers.