Pando Raises $30 Mn in Series B
Logistics management software startup Pando has scooped up $30 million in a Series B round led by Iron Pillar. Uncorrelated Ventures, prominent angel investors, and existing investors Nexus Venture Partners, Chiratae Ventures and Next47 also joined the round.
Iron Pillar has alone put $12 million into Pando which is based in San Jose with a product development team in Chennai. The new money came after three years for the company. In January 2020, it secured $9 million in a Series A round led by Chiratae.
Pando’s founders and existing investors decided to partner with Iron Pillar primarily to leverage the firm’s global footprint, and hands-on approach to helping entrepreneurs, as well as an extensive network of partners and customers, especially in the US and the Middle East, the company said in a press release.
Pando is a supply chain technology firm and its Fulfillment Cloud provides manufacturers, retailers, and 3PLs with a single pane of glass to streamline the end-to-end order-to-fulfillment process to improve service levels and reduce carbon footprint and costs.
Founded by Ashok Vasan and Nitin Jayakrishnan in 2018, Pando has helped global businesses to optimize their freight management and connect them to logistics vendors and aggregators.
According to Pando, it earns about half of its revenue from Asia Pacific and the rest from the US. The company recently claimed Its ARR has increased from $100,000 in its first year to around $4.4 million by the end of 2022.
Iron Pillar had recently closed its $129 million Global Cloud Fund II to invest in SaaS companies building from India. It is also an investor in other well-known SaaS software companies, including Uniphore, CoreStack, Ushur, Servify, and Jiffy.ai.
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