SUMMARY
The funding round was led by Iron Pillar and also saw participation from Uncorrelated Ventures, Nexus Venture Partners, Chiratae Ventures, Next47, among others
Pando plans to leverage Iron Pillar’s extensive network of partners and customers to scale its global footprint
The fundraise comes a month after Iron Pillar closed its $129 Mn Global Cloud Fund II, targeted specifically at Indian SaaS startups
Supply chain enterprisetech platform Pando has raised $30 Mn in its Series B funding round led by venture capital (VC) firm Iron Pillar.
The funding round also saw participation from Uncorrelated Ventures, as well as other existing investors such as Nexus Venture Partners, Chiratae Ventures and Next47. Besides, multiple angel investors, including many American CEOs, also took part in the fundraise.
As part of the deal, Mohanjit Jolly, partner at Iron Pillar, has joined the board of the Chennai-based startup.
The deal will enable Pando to leverage Iron Pillar’s extensive network of partners and customers, especially in the US and the Middle East. The startup also aims to use the VC firm’s global footprint to scale its operations across the world.
Commenting on the development, Pando’s cofounder and chief executive officer (CEO) Nitin Jayakrishnan said, “… Pando’s platform-first approach helps brands, suppliers, distributors, and retailers collaborate with agility to fulfil their orders…We found a great partner in Mohanjit and Iron Pillar – solid reputation, cross-border presence, and deep insight into our space.”
Chiming in, Iron Pillar’s Jolly said, “… Pando’s growth with multiple Fortune 500 companies is a testimony to the quality of the product and the management team. It’s the vision of building a truly generational company that got us excited to partner with Abhijeet and Nitin at Pando.”
The fundraise comes a month after Iron Pillar closed its $129 Mn Global Cloud Fund II, targeted specifically at Indian SaaS startups making global products.
Founded in 2017 by Abhijeet Manohar and Jayakrishnan, Pando operates an AI-backed supply chain platform that allows enterprises to streamline end-to-end order fulfilment process while improving service levels and reducing costs. In essence, it offers manufacturers, retailers and logistics companies a one-stop-shop platform to collaborate with suppliers and customers to optimise deliveries.
The fundraise comes more than three years after the startup last secured $9 Mn in a funding round led by Chiratae Ventures, with participation from Nexus Venture Partners, Next47, among others. Excluding the latest fundraise, the startup has raised $11.6 in funding since its inception.
Pando caters to multiple big-ticket Fortune 500 companies such as Nestle, Nivea, Johnson & Johnson, Perfetti Van Melle and BP Castrol. It competes globally, across verticals, with the likes of the US-based Turvo and Slync, as well as homegrown players like Shiprocket and Pickr.
The big-ticket fundraise comes at a time when the traditional supply-chain ecosystem, in the past few years, has been marred by factors such as pandemic and geopolitical tensions. This creates major business challenges and hinders consumer access to products
A survey conducted by Deloitte found that more than 70% of manufacturing executives were impacted by such supply chain disruptions, which eventually led to higher costs and reduced productivity. As a result, a clutch of startups have emerged in the space to streamline the entire ecosystem.
This has invited investor interest. Earlier this year, logistics SaaS startup Pidge bagged $3 Mn in a pre-Series A funding round led by Mountain Partners. Prior to that, digital freight management startup Freightify also secured $12 Mn in a Series A round, in a mix of debt and equity.
As per Inc42, homegrown logistics SaaS startups raised $765 Mn between 2014 and February 2023.
As per a report, the global logistics SaaS market is projected to grow to $25 Bn by 2025.
