FedEx Express, a subsidiary of delivery services giant FedEx, is investing $100 million in Indian startup Delhivery as the global firm looks to expand its presence in the South Asian country.
Friday’s investment comes less than two months after the Gurgaon-headquartered startup, which is valued at $3 billion, secured $277 million ahead of an initial public offering in the coming quarters.
As part of the deal, the companies will enter into a long-term commercial agreement. FedEx Express will focus on international export and import services to and from India, and Delhivery will, in addition to FedEx, sell FedEx Express international products and services in the India market and provide pickup and delivery services across India. FedEx will transfer certain assets pertaining to its domestic business in India to Delhivery.
“Our aim is to bring new products and opportunities to Indian and global businesses and consumers through unique access to our networks, and our technology and engineering capabilities,” said Delhivery co-founder Sahil Barua said of Friday’s investment.
Delhivery began its life as a food delivery firm, but has since shifted to a full suite of logistics services in over 2,300 Indian cities and more than 17,500 zip codes. It is among a handful of startups attempting to digitize the demand and supply system of the logistics market through a freight exchange platform.
#delivery #startup #invest #express #giant #invests #logistics #bestservice #investment #fedex #services #country #investing #worldlynewsonline