The funds will be used to drive Pando’s growth across geographies and industries
Bengaluru: Supply chain software startup Pando has raised $30 million in a Series B funding round bringing total capital raised so far to $45 million, the company said in a press release on Thursday. The round was led by Iron Pillar and Uncorrelated Ventures, with participation from existing investors Nexus Venture Partners, Chiratae Ventures, and Next47.
Other angel investors who participated in the round include David Dorman, chairman of CVS Health and director of Dell and Paypal, Tom Noonan, director of New York Stock Exchange and SalesLoft, Scott Kirk of Bain Capital, Paul Brown of Dunkin’, Baskin-Robbins and Neiman Marcus, Nick Mehta of Gainsight, and Amar Goel of Pubmatic.
Chennai-based Pando plans to use the funds to drive Pando’s growth across geographies and industries.
“The logistics tech market is ripe for disruption. There is high demand caused by volatility, a legacy competition that is trying to catch up and a trend towards bundling point solutions. Pando addresses the problem holistically and, with its world-class talent in India and the US, takes a global view to IP-led product development,” said Mohanjit Jolly, partner at Iron Pillar.
Founded in 2018 by Nitin Jayakrishnan and Abhijeet Manohar, Pando connects various stakeholders in the supply chain such as manufacturers, warehouses, distributors, retailers, consumers, factories, and suppliers.
“Pando’s platform allows brands to automate manual processes, modernize legacy systems and plug the gaps between tools without multi-year transformations, delivering change here and now,” said Jayakrishnan, chief executive officer of Pando.
“Since Pando’s Series A in 2020, our revenue has grown 8x, and our customer base, 5x. We’re scaling our North America and global business with marquee customer wins and a network of strong partners,” said Parvesh Ghai, chief revenue officer, Asia Pacific, Pando.
Pando recently launched a fulfilment cloud to streamline the end-to-end order-to-fulfilment process of manufacturers, distributors, retailers, and third-party logistics providers. Currently, it has over 50 customers across the world, including Godrej, Honda, Johnson & Johnson, Accuride, Nivea, Philips, Nestle and Procter & Gamble
“Pando’s fulfilment cloud has been proven across several industries in the last few years, with strong revenue growth, marquee customer logos, and a fully built-out enterprise-grade platform. Pando is now expanding into new industries and geographies, especially the US,” said Abhishek Sharma, managing director at Nexus Venture Partners.