Chennai-based Pando, a startup which digitizes logistics operations for Fortune 500 companies, global blue-chips and logistics companies, has raised $2 million (Rs 13 crore) in a seed funding round led by Nexus Venture Partners.
The funding round also saw participation marquee of investors and entrepreneurs from startup ecosystem including Kashyap Deorah at Hypertrack, Girish Mathrubootham at Freshdesk, Nishant Rao at Sirion Labs (Ex-LinkedIn India MD), and P Balaji at Vodafone (Ex-Nokia, Sony Erickson India MD).
The startup will use the freshly raised funds to further develop the product and make it more comprehensive, feature-rich and be a more practical solution for logistics management focussed on large enterprises. The funding will help the startup in hiring better talent.
Founded in 2015 by Nitin Jayakrishnan, Pando solves a key problem of convergence, on the demand (shipper, transporter or enterprise) side of the ecosystem, which is a large, global white-space. Pando is building India’s first open-market, digital, delivery management platform that aims to revolutionize the $200+ billion Indian delivery ecosystem. Its product is used by some of India’s largest companies in the logistics, transportation, white goods, chemicals, paper, FMCG and textiles industries.
Notably, Jayakrishnan is also a co-founder of iDelivery, a logistics startup that offers transportation services to its clients.
“This investment is a shot in the arm for the team to continue to reimagine logistics — from being a heavy, cumbersome cost-center, to being a robust, digital foundation to any business. We have seen encouraging adoption from Fortune 500s and global blue-chips. We will continue to focus on product and people, to ease and enable commerce through digital deliveries,” said Nitin Jayakrishnan, Founder & CEO, Pando.
“Pando’s clients are so happy with the product that they’re conducting workshops for each other to make the most of it. This kind of love from large marquee enterprise clients shows the team’s domain understanding, and focus on customer success, and convinced us to partner with them in bringing about this transformation not just with Indian clients but also in global markets,” said Sandeep Singhal, Co-founder & Managing Director, Nexus Venture Partners.
The above news was first reported in Economic Times.
Few days back, Bengaluru-based Mojro, an another logistics startup, had raised $650K in a funding round led by 1Crowd and its investor community.
Speaking about Nexus Venture Partners, the VC firm has recently invested USD 3.8 million in Namaste Credit, a New Delhi-based fintech category startup. Prior to this, it participated in $20 million series A funding round of Minio, a provider of open source object storage for cloud-native and containerized applications, inSeptember last year.
[Top Image – BWDisrupt.businessworld.in]