By Adria Calatayud

Prosus NV's ventures arm and Avataar Venture Partners co-led a series D funding round of $75 million in India-based commerce platform ElasticRun, the companies said Thursday.

The new funding will help ElasticRun--which provides physical and digital services to small retail stores in India--expand its reach into rural areas, the companies said. Both Dutch internet conglomerate Prosus and India-based fund Avataar were existing investors in ElasticRun.

"We expect 2021 to be our biggest year yet and are looking to more than triple our business over the next 12 months," ElasticRun co-founder and Chief Executive Sandeep Deshmukh said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

April 29, 2021 07:54 ET (11:54 GMT)

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