Supply chain software leader, Pando, on Wednesday announced its Series B funding of $30 million. With this, total capital raised so far is $45 million. The round was led by marquee Silicon Valley investors Iron Pillar and Uncorrelated Ventures. Existing investors Nexus Venture Partners, Chiratae Ventures and Next47 also participated.
In this round, several prominent American CEOs and angel investors also participated like Tom Noonan, Director on the Boards of New York Stock Exchange and SalesLoft, David Dorman, Chairman of CVS Health and Director on the Boards of Dell and Paypal, Scott Kirk of Bain Capital, Paul Brown of Dunkin’, Baskin-Robbins and Neiman Marcus, Amar Goel of Pubmatic and Nick Mehta of Gainsight. The fresh funds will be used to drive company’s growth across industries and geographies.
In the last few years, supply chain disruptions have peaked, hindering business growth and consumers’ access to quality products. 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 is well-positioned to ride this growth wave, and drive supply chain agility for the 2030 economy.
Investors see Pando’s platform as critical in the modern supply chain toolkit to bring innovation and resilience to the industry. Mohanjit Jolly, Partner at Iron Pillar who led the Series B, believes that Pando is uniquely positioned to be a global leader in this growing category.
“The Logistics Tech market is ripe for disruption – there is high demand caused by volatility, legacy competition that is trying to catch up and a trend towards bundling point solutions,” said Jolly.
“Pando addresses the problem holistically and, with its world-class talent in India and the US, takes a global view to IP-led product development. Their growth with multiple Fortune 500 companies is testimony to the quality of the product and management team, but their focus on building a large long-term business is what got us excited to partner with Abhijeet and Nitin. Iron Pillar is eager to leverage its global network of customers, partners, strategic capital and more to help accelerate Pando’s journey,” he added.