Pando, a supply chain management software provider in India, has successfully concluded its latest Series A funding round. The funding was led by Chiratae Ventures along with existing investor Nexus Venture Partners. Pando managed to raise US$9 Million and has thus enhanced its net worth. Moreover, this funding reveals the participation of many new investors like Alok Mittal and Seimen’s backed Next47. This is the first direct investment of Next47 in India.
Nitin Jayakrishan founded Pando in 2017 in Chennai to provide an open market and freight management platform to businesses, thus digitalizing the logistics operations in a systematic manner. Its vision revolves around creating an ease in the e-commerce sector through digital deliveries. Pando connects businesses to the logistics aggregators to optimize their freight management systems.
Pando is out there to help enterprises of various sizes in optimizing their supply chain operations. The company is giving a tough fight to various logistics giants globally by enhancing its network visibility and reducing the system-level capital needs.
Pando has so far raised a net funding of US$11 Million from multiple investors in two funding rounds, including the recent one. The earlier one was a seed funding round in which Nexus Ventures Partners and other investors backed Pando with US$2 Million.
Effective Fund Utilization Plan Of The Startup
Pando is planning to scale its business to other markets, including South Asia and Europe, and thus will expand its reach. Moreover, the company is planning to enhance its transaction capabilities by working closely with several vendor partners.
Co-founder and CEO of Pando Nitin Jayakrishnan said in a statement that the funding would allow the firm to deepen its network in India. Pando will even invest this amount in technology and talent to deliver the best output in the sector.
Moreover, the reports of IBEF reveal that the Indian Logistics market is about to touch US$215 billion by the end of 2020. It is growing at a rapid rate of the compound annual growth rate of 10.5%. It shows that currently there are 22 Million people are employed in this sector which is going to 40 Million by 2020. Thus, this sector has a lot of potential in India.
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