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Pando Startup Raises $30M in Series B Funding Round Led by VC Fund Iron Pillar

UTC by Steve Muchoki · 3 min read
Pando Startup Raises $30M in Series B Funding Round Led by VC Fund Iron Pillar
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Pando startup is focused on expanding into new industries and geographies, especially in the United States, where 50 percent of its customers reside.

Pando, an artificial intelligence-powered supply chain software startup, has announced the closure of a Series B funding round with about $30 million. According to the San Jose and Chennai-headquartered startup, the Series B funding round was led by Iron Pillar and Uncorrelated Ventures, with participation from existing investors like Nexus Venture Partners, Chiratae Ventures, and Next47. As a result, the Pando startup has raised a total of $45 million to streamline supply chain management.

The company intends to channel the funds to expand its global sales, marketing, and delivery capabilities. According to Pando CEO and founder Nitin Jayakrishnan, the new funding is critical to its future growth prospects amid adoption by Fortune 500 clients.

“We have always been focused on profitable growth. We’re at 80% gross margins. Until about a year and a half, we were at a 1:1 burn ratio. But in the last year and a half, the burn ratio suddenly expanded to 1:3. In the last six months, we’ve now brought it back under control to honest 1:1.5. We will go back to 1:1 this year,” Jayakrishnan noted.

Pando Startup and the Market Outlook

Having achieved its name from a Utah-based forest, which is believed to be the largest single organism in the world, the Pando startup has various tools and applications for accomplishing different tasks in supply chain management. Interestingly, Pando helps its customers customize its tools and applications through its APIs.

“Pando’s no-code capabilities enable business users to customize the apps while maintaining platform integrity — reducing the need for IT resources for each customization,” Jayakrishnan added.

According to Mohanjit Jolly, partner at Iron Pillar, the Pando startup is unique in his perspective due to its ability to close Fortune 500 accounts sitting out of Chennai.

Notably, Pando has significantly used artificial intelligence to provide seamless access to its supply chain management tools. Furthermore, Pando’s Fulfillment Cloud has been used for the past years with a proven revenue track record. For instance, the company uses its AI platforms to match customers’ orders with suppliers.

As a result, Pando startup is focused on expanding into new industries and geographies, especially in the United States, where 50 percent of its customers reside.

Founded in 2018, Pando has also made tremendous entries into the Asia Pacific and Middle East markets, both contributing to about 50 percent of its income revenue. Notably, the company reported a revenue of about $5 million last year and an average contract value of about $350,000 annually. Some of the notable Pando customers include Johnson & Johnson, Nestle, Nivea, Accuride, Danaher, Perfetti Van Melle, and BP Castrol.

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