Siemens, a German multinational conglomerate's investment arm Next47 has made its first direct investment in India, in supply chain management software provider Pando.
The investment was made in a $9 million round led by Chiratae Ventures, along with existing investor Nexus Venture Partners. Angels including VMWare India MD Ram Kumar Narayan, Alok Mittal, CEO of Indifi, and Saikiran Krishnamurthy of xto10x Ventures also participated in the round.
Pando connects businesses to logistics vendors and aggregators and helps in optimizing their supply chain. Until recently the firm had experienced only an indirect exposure in India by backing VC funds including Blume Ventures. Typically, Pando gets into multi-year commitments and receives payment based on the number of transactions and sales made on the platform. Pando has raised $11 million across two rounds of funding.
Lak Ananth, MD, Next47 after the investment said, “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.”