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Siemens arm debuts in Pando’s $9 million round

Angels including VMWare India MD Ramkumar Narayan, Alok Mittal, CEO of Indifi, and Saikiran Krishnamurthy of xto10x Ventures also participated in the round.

, ET Bureau|
Jan 13, 2020, 08.00 AM IST
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The round was led by Chiratae Ventures, along with existing investor Nexus Venture Partners.
BENGALURU: Siemens investment arm Next47 has made its first direct investment in India, in a $9 million round in supply chain management software provider Pando. The round was led by Chiratae Ventures, along with existing investor Nexus Venture Partners.

The firm to date has only taken indirect exposure in India by backing VC funds including Blume Ventures. Angels including VMWare India MD Ramkumar Narayan, Alok Mittal, CEO of Indifi, and Saikiran Krishnamurthy of xto10x Ventures also participated in the round. Pando has raised $11 million across two rounds of funding.

“India is a huge market with unique infrastructure challenges that many other technology companies have struggled to crack – Pando’s full-stack platform is global in its approach but can easily be localised and is a key differentiator in this market,” said Lak Ananth, MD, Next47.

Pando helps businesses automate and optimize their supply chain, and connects them to logistics vendors and aggregators. Typically, Pando gets into multi-year commitments to manage a company’s entire freight network and gets paid on the basis of number of transactions and sales on the platform.

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