Fleetx.ai, an Indian company that sells AI software for fleet and logistics operations, said on 20 August 2026 that it had acquired Pando.ai, a provider of transportation management system (TMS) software based in Chennai. The price was not disclosed.
Pando.ai will keep operating as a separate brand with its own product and company identity. Its entire leadership team, including chief executive Badrinath Setlur, has joined Fleetx.ai and will continue to run the Pando business. Fleetx.ai said it would add its own AI capabilities to Pando's platform and invest further in Pando's products.
The two companies also set a public-markets goal. The combined business will start preparing for a listing over the next 18 to 24 months and aims to reach combined revenue of ₹300 crore to ₹400 crore, about $35 million to $46 million, on a profitable basis by the time it lists. The companies described the listing as a potential IPO rather than a firm plan, and the announcement, distributed as a press release, did not name an exchange.
What Pando built
Pando sells transportation management software to large manufacturers and consumer brands. Its customers in India include Sun Pharma, Honda, Castrol, Godrej, Pernod Ricard, Berger Paints, Perfetti Van Melle and Orient Electric. At the time of its 2023 funding round, the company also named Johnson & Johnson, Procter & Gamble, Nestle and Nivea among its clients.
The company was co-founded by Nitin Jayakrishnan, who served as chief executive, and Abhijeet Manohar, its chief technology officer. It has operated from both San Jose, California, and Chennai, and it describes its product as a no-code fulfillment platform that automates manual work and connects older systems.
Explaining the platform when Pando raised its Series B, Jayakrishnan said it allowed large brands to automate manual processes, modernize legacy systems and fill the gaps between their existing tools. The deal announcements name Setlur as Pando's chief executive and do not say what roles the co-founders will hold after the acquisition.
“Bringing Pando.ai into the Fleetx.ai fold creates a unified, end-to-end stack for fleet and logistics, powered by AI agents.”
Why Fleetx is buying
Fleetx.ai has been operating for about nine years. It started as a platform for tracking vehicle fleets and now positions itself as an AI layer for physical operations in logistics, construction, energy, retail and manufacturing. Its customers include UltraTech, Adani, AM/NS India, the MP Birla Group, Maersk, Unilever and Mondelez.
The companies described the result as a single AI-native platform running from fleet visibility to freight execution, with AI agents across the stack. Fleetx co-founder and chief executive Vineet Sharma said the combination gives customers one stack for fleet and logistics work, run by AI agents, and that Pando's customers would get the backing of a larger company's products and support.
Setlur said joining Fleetx.ai would let Pando invest faster in the AI features its customers had been asking for, while its team and product continue to operate as before.
The founders and the funding
Nexus Venture Partners seeded Pando in 2018. In May 2023 the company raised a $30 million Series B co-led by Iron Pillar and Uncorrelated Ventures, with existing investors Nexus Venture Partners, Chiratae Ventures and Next47 also taking part. That round brought its total funding to $45 million.
Several U.S. executives and angel investors joined the Series B, including David Dorman, Tom Noonan, Scott Kirk, Paul Brown, Nick Mehta and Amar Goel. Nexus said at the time that Pando's revenue had grown eight times since its Series A in 2020.
None of the deal announcements said how Pando's investors fared in the sale. JSA Advocates & Solicitors advised Fleetx on the transaction, and CMS INDUSLAW advised Pando, according to Bar & Bench.
The Series B money was meant to fund Pando's expansion into new geographies and industries. Neither company disclosed Fleetx's own funding or investors in its acquisition announcement, and no figure for the combined headcount was given.
