Leading VC firms Kalaari Capital and Norwest Venture Partners have quietly made a US$2 million seed investment in a startup in stealth mode, according to Termsheet, an online platform for angel investing. The deal was done in May, but not publicized so far.
Photo credit: Lord Enfield
The startup named ElasticRun, founded in April 2015, appears to be building an Uber for logistics and delivery. Its website says “something awesome is coming soon… stay tuned.”
Its Facebook page lets the cat out of the bag. “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,” says its Facebook wall, which has a team picture with 26 members.
ElasticRun says it is currently working with a Fortune 500 ecommerce company for its last mile services. It is also working with a Fortune 500 pharma company for its national distribution. It enables its customers to build a distribution network on a pay-per-use basis.
Excerpt from Tech in Asia. Read the full article here