Media and e-commerce group Naspers has entered discussions to lead a round sized at up to $55m for India-based supply chain services provider ElasticRun, the Economic Times reported yesterday.
The company is looking to raise between $50m and $55m at a $250m valuation, according to multiple people aware of the matter.
ElasticRun provides logistics services to customers in industries such as food, consumer products, manufacturing and e-commerce, utilising spare space from a network of partners.
The system relies on surplus capacity from truck drivers and couriers to organise deliveries on behalf of clients, while local businesses offer extra storage space that can be used for warehousing.
A person directly aware of the deal told ET: “Naspers believes that this model is the most capital efficient way to build a scalable technology logistics network in India. The intent for Naspers is to double down on the investment in the next eight to 12 months.”
The company has secured a total of more than $17m so far, including $2m from venture capital firms Kalaari Capital and Norwest Venture Partners at a $7.25m valuation in 2016. The same two investors returned to provide $7m in series A funding in April 2017 before co-leading an $8m round in October 2018.
