Supply chain software startup Pando has raised $30 million in a Series B funding round led by marquee Silicon Valley investors Iron Pillar and Uncorrelated Ventures, with participation from existing investors Nexus Venture Partners, Chiratae Ventures and Next47.
Several prominent American CEOs and angel investors also participated in this round, including David Dorman, Chairman of CVS Health and Director on the Boards of Dell and Paypal, Tom Noonan, Director on the Boards 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.
The startup plans to use the raised capital to drive growth across geographies and industries. The current raise brings it total raised amount to $45 million.
Founded in 2018 by Nitin Jayakrishnan and Abhijeet Manohar, Pando said its AI-powered no-code cloud Fulfillment platform provides manufacturers, retailers, and 3PLs with a single pane of glass to streamline the end-to-end order-to-fulfilment process to improve service levels and reduce carbon footprint and costs.
“Pando’s Fulfillment Cloud has been proven across several industries in the last few years, with strong revenue growth, marquee customer logos, high CSATs, 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, who seeded the company in 2018.
Parvesh Ghai, CRO – Asia Pacific, agrees, “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.” John Zimmerman, CRO – North America & Europe, adds, “Many large companies in North America and Europe are consolidating their supply chain technology from siloed point solutions to unified platforms, and in-sourcing their logistics from 3PLs. Pando’s solution is timely – its end-to-end capabilities and quantifiable value-driven success stories with marquee global brands is driving significant traction in the US market, where supply chain leaders are clamouring for change.”
“Most of the brands we love and live with are weighed down by legacy logistics tools that make their products less affordable, accessible and eco-friendly. Pando’s platform allows these brands to automate manual processes, modernize legacy systems and plug the gaps between tools without multi-year transformations, delivering change here and now,” said Nitin Jayakrishnan, Pando’s CEO.
According to a recent Deloitte survey, over 70% of manufacturing executives reported that their companies have been impacted by supply chain disruptions in the past year, with 90% of those companies experiencing increased costs and declining productivity. With global enterprises investing in supply chain technology to improve agility, efficiency and resilience, the logistics tech market is estimated to grow to $25 billion by 2025. Pando said it is well-positioned to ride this growth wave, and drive supply chain agility for the 2030 economy.