ElasticRun is an online B2B platform that connects grocery brands and FMCG to rural markets. The platform allowing B2B e-commerce companies to connect with the rural market using its logistic network services announced a 48.6 percent decrease in its gross revenue to Rs 2,434 crore in FY24. The startup provides a digital platform to connect rural customers through banking institutions to manage financial services. These distribution networks and services are the company’s primary source of revenue. The startup offers a seamless user experience using advanced technologies.
Entrackr mentioned in its report that the firm also earns income through non-operating activities like bank deposits, gain on sales, and other activities. The startup data intelligence platform, tracxn reported that the company has secured over 461 million USD across multiple funding rounds since its inception, including 330 million USD raised from Softbank vision fund, SoftBank group, and other investors during its series E funding round. The startup also earns its income from non-operating activities which stood at Rs 110 crore in FY24. The company has a huge distribution channel that uses logistics and technology to streamline the flow in rural and semi-rural areas.
The Pune-based startup has a valuation of around $1.44 billion. The startup data intelligence platform, thekredible mentioned that Prosus holds the largest external stake in the firm with 21.36 percent followed by Avtaar Ventures and Kalaari Capital. The co-founders of ElasticRun account for a 22 percent stake in the firm.
The online platform uses advanced technologies to offer the best distribution channel. The total expenditure of the firm decreased by 46.7 percent and stood at Rs 2,904.42 crore in FY24. The cost of materials decreased by 53.4 percent to Rs 2015.81 crore in the same duration. Employee benefits decreased by 27.5 percent to Rs 250.5 crore in the same duration.
The company managed to control its losses by 42 percent YoY to Rs 360 Crore this financial year through cost-cutting measures. The income from trading goods also saw a drop of 53.7 percent to Rs 2,023.19 crore with a 10.3 percent increase in services to Rs 406.3 crore in the last financial year. ElasticRun faces competition from other online distribution services offering B2B platforms such as Unicommerce, Shiprocket, and ShipBob.
Conclusion :
B2B platform ElasticRun announced a 48.6 percent decrease in its gross revenue to Rs 2,434 crore in FY24. This company uses technology and logistics for distribution in rural and semi-rural areas. The startup offers an online platform that allows FMCG and grocery stores to connect with rural customers. The distribution network, bank deposits, and gain on sale of financial instruments are the firm’s primary sources of revenue. The loss also decreased by 42 percent YoY to Rs 360 crore in FY24.
The total expenditure of the firm decreased by 46.7 percent to Rs 2,904.42 crore in the same duration. The startup plans to minimize its losses by reducing operating and employee expenses. The company has secured over 461 million USD across multiple funding rounds to date. ElastiRun competes with Shiprocket and ShipBob.
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