© Reuters. FILE PHOTO: A FedEx truck is driven through downtown in Los Angeles, California, U.S., July 22, 2019. REUTERS/Mike Blake
BENGALURU (Reuters) – FedEx Corp (NYSE:) will make a $100-million equity investment in Indian e-commerce logistics startup Delhivery as part of a long-term commercial agreement, the U.S. delivery firm said on Friday.
SoftBank-backed Delhivery will sell FedEx Express’ international products and services in India, as part of the deal, and also provide pick-up and delivery services across the country.
FedEx will also transfer some of its assets from its India business to Delhivery, enabling broader access to the the Gurgaon-based startup’s pan-India network.
Don Colleran, chief executive officer of FedEx Express, shall also get a board seat at Delhivery.
Several Indian startups have spelt out plans to go public to cash in on liquidity by foreign funds. According to media reports, the startup which is eyeing a market debut as early as the fourth quarter is weighing a valuation of $4 billion.
SoftBank-backed Indian digital payments startup Paytm has filed for an initial public offering, the latest in a lineup of unicorns that are planning to to go public, making India one of the hottest IPO markets in 2021. Food delivery startup Zomato’s IPO subscription opened earlier this week and is awaiting listing.
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