[Funding alert] Chennai startup Pando raises Rs 64 Cr from Chiratae Ventures, Next47, and Nexus Venture Partners
Chennai logistics startup Pando raised the Series A funding in a round led by Chiratae Ventures, which also saw participation from Siemens-backed Next47 and existing investor Nexus Venture Partners.
Networked logistics management software startup Pando has raised Rs 64 crore in a Series A funding round led by Chiratae Ventures. The round also saw participation from existing investor Nexus Venture Partners, and Siemens-backed Next47. Angel investors like Ramkumar Narayan, VMWare India MSD, Alok Mittal, CEO of Indifi, and Saikiran Krishnamurthy of xto10x Ventures also participated in this round of funding.
This is Next47's first investment in India. The global VC firm has offices in Bengaluru, Beijing, London, Munich, Palo Alto, Tel Aviv, Stockholm, Munich, and London.
In a press release, Lak Ananth, Managing Director, Next47, stated,
“The global logistics market is ripe for change. India is a huge market with unique infrastructure challenges; this represents a promising opportunity for local startups. Pando’s platform has already attracted several high-profile customers and we are excited to partner with them to expand their reach.”
With this fund raise the total funding raised by the company is now at Rs 80 crore. The team is looking to scale into international markets and invest in technology and talent.
Nitin Jayakrishnan, Co-founder and CEO of Pando, said,
“This investment allows us to continue to reimagine the way freight networks operate. Pando has already delivered unprecedented value to large enterprises who have joined the network. We will continue to deepen our network offering in India, while scaling in select strategic markets internationally, investing in technology and talent, and enhancing our transaction capabilities by working closely with our vendor partners.”
Founded in 2017, Pando has the likes of Philips, Marico, and Britannia as its clients. The platform helps different industries and sectors automate and optimise their freight management systems and connects them to logistics vendors and aggregators to help seamless transactions.
Speaking of the funding, TC Meenakshisundaram, Founder MD, Chiratae Ventures, said:
“Global Logistics is going through a disruption, and large enterprises require a platform that can help them leverage these market changes to scale faster. Pando has helped shippers and transporters address this need through a full-stack solution. Their quality of execution at marquee customers, where Pando has become indispensable within a few months of adoption is remarkable. This convinced us to partner with them."
The Pando Enterprise suite is built to help enterprises of all sizes digitise, monitor, and optimise supply-chain operations. The product is built in a way to be intelligent, predictive and scalable thus helping companies control fragmented, multi-tiered logistics ecosystems from a single screen.
Sandeep Singhal, MD and Co-Founder, Nexus Venture Partners, added,
“Pando is competing with and winning against global giants in the enterprise freight management market by improving network visibility, ensuring higher SLA adherence, and reducing system level capital needs. Their solution is particularly suited to markets with fragmented supply, and their India success can be replicated in many markets. We were fortunate to partner early with Nitin and Abhijeet in their journey and welcome our new partners on this new phase of the company’s growth.”
(Edited by Evelyn Ratnakumar)
The fundamental rule of being an investor is you have to embrace uncertainty: Karan Mohla of Chiratae Ventures