Logistics has now become a critical value differentiator for B2B as well as B2C ecommerce companies and thus, new players with their own unique approach to solving the ever complex Indian logsitics landscape re coming up. One such startup is Pando, which has just raised a new funding round for its automated logistics offering..
Pando, a startup that helps businesses automate and optimize their supply chain, has secured $9 million in a new financing round. The funding was led by Chiratae Ventures along with existing investor Nexus Venture Partners.
Also, Siemens’ investment arm Next24 invested in this funding round, marking its first investment in the Indian market. So far, it was indirectly involved in the Indian startup market and had invested through venture capital firms, including Blume Ventures.
Along with them, a few angel investors also participated in this funding round, including VMWare India MD Ramkumar Narayan; Alok Mittal, CEO of Indifi; and Saikiran Krishnamurthy of xto10x Ventures.
Commenting on this funding, Nitin Jayakrishnan, cofounder and CEO, Pando said: “We will continue to deepen our network offering in India while scaling in select strategic markets including Southeast Asia and Europe, investing in technology and talent, and enhancing our transaction capabilities by working closely with our vendor-partners.”
With this new funding round, the company has now raised $11 million in two rounds till date. The company, founded by Abhijeet Manohar and Nitin Jayakrishnan in 2017, helps businesses automate and optimize their supply chain, and connects them to logistics vendors and aggregators.
The company’s clients include Britannia, Marico, Philips, and Tata. As for the operation model, Pando enters into multi-year commitments to manage a company’s entire freight network and gets paid on the basis of number of transactions and sales on the platform.
Regulatory filings show that for the fiscal year ended 2019, the company’s revenue stood at ₹35 lakh on a loss of ₹82 lakh. Nitin says that the company has grown 3-4x in the last year and hopes to maintain the pace this year as well.