Logistics-tech startup ElasticRun raises $40 million from Prosus Ventures and others

Logistics and distribution firm ElasticRun has raised $40 million (approximately Rs 2.84 billion) in a funding round led by Prosus Ventures, formerly known as Naspers Ventures. Existing investors Avataar Ventures and Kalaari Capital also participated in the round. Mumbai-based Avendus Capital acted as the exclusive financial adviser to ElasticRun on the transaction. The Pune-based firm will use the funds to expand its footprint and increase its product categories apart from enhancing its technological infrastructure, analytics and machine learning platforms.