Ntex Transportation Services that runs logistics startup ElasticRun has secured funds amounting to $8 million (Rs 60 crore) in a fresh funding round. The round was co-led by existing backers Venture Partners and Kalaari Capital.
With this funding round, the estimated post-money valuation of the Pune-based startup has reached around $60-65 million (Rs 442-479 crore).
The company was founded in 2016 by co-founders Saurabh Nigam and Shitiz Bansal. Prior to this, the startup had raised $7 million (Rs 45.5 crore then) as part of a Series A round from Kalaari Capital and Norwest Venture Partners in April last year.
ElasticRun uses technology for transportation and supply chain operations and runs an asset-light, variable-capacity logistics network. The startup caters to clients in e-commerce, pharmaceuticals, food and automotive sectors.
It must be noted that the company currently operates in stealth mode as it is yet to launch a website. The fiscal 2016-17 saw operational revenues increase to a whopping Rs 9.13 crore, from Rs 65,688 in the previous year.
Gross expenditures too saw a nearly 40-fold rise at Rs 16.9 crore, up from Rs 43.85 lakh in the previous year. On the other hand, net losses also widened to Rs 7.39 crore, up from Rs 40 lakh the previous year.
The logistic companies are gearing up to give a tough fight to each other and become the leader in the market. Most of the business these days cannot work without logistics and thus, raising funds for them is necessary for the purpose of improving their services and attracting more customers.