Prosus, the internet group formed by media conglomerate Naspers, has co-led a $75m series D round for India-based consumer product distribution network ElasticRun, the Economic Times reported yesterday.
The round was co-led by Prosus fund Prosus Ventures and growth equity fund Avataar Ventures. It valued the company at $400m and included venture capital firm Kalaari Capital as well as asset manager Schroder Adveq.
Founded in 2016, ElasticRun connects consumer brands and e-commerce companies to a network of local convenience stores in India also known as Kiranas. Its online platform also provides access to credit, crowdsourced logistics services and data analytics services.
The funding will enable the company to expand its networks in rural India, and it plans to further develop its technology and onboard at least 1 million retail outlets in the next 12 to 18 months.
Kalaari Capital and Norwest Venture Partners (NVP) supplied $2m of seed funding for ElasticRun in 2016 before backing a $5m series A round the following year.
The company raised $8.5m in a series B round co-led by Kalaari Capital and NVP in 2018. Media reports have listed the total raised in the series A round as $7m and the series B total as $8m.
Prosus Ventures led a $40m series C round for ElasticRun in late 2019, investing alongside Kalaari Capital and Avataar Ventures. NVP is reported to have exited the company through that round.