FedEx makes its first strategic investment in India, puts $100 million in Delhivery’s kitty
- The two companies will enter into a long-term commercial agreement following this transaction.
FedExwill transfer certain assets pertaining to its domestic business in India to Delhivery.
- Don Colleran, President and CEO of FedEx Express will be nominated to join the Delhivery Board of Directors
View all Offers
View all Offers
- 48% OFF
Pigeon by Stovekraft Amaze Plus Electric Kettle with Stainless Steel Body, 1.5 litres boiler for Water, instant noodles, soup etc.₹ 625₹ 1195Buy On
- 55% OFF
Glun Multipurpose Portable Electronic Digital Weighing Scale Weight Machine (10 Kg - with Back Light)₹ 356₹ 798Buy On
- 67% OFF
VR 18 Pcs - 3 Different Size Plastic Food Snack Bag Pouch Clip Sealer Large, Medium, Small Plastic Snack Seal Sealing Bag Clips Vacuum Sealer (Set of 18, Multi-Color) (Multicolor)₹ 99₹ 299Buy On
- 40% OFF
Prestige Electric Kettle PKOSS - 1500watts, Steel (1.5Ltr), Black₹ 745₹ 1245Buy On
- 56% OFF
Pigeon by Stovekraft Cruise 1800 watt Induction Cooktop (Black)₹ 1399₹ 3193Buy On
FedEx Express, a subsidiary of the global logistics giant FedEx Corporation, has made a strategic investment of $100 million in Indian logistics startup Delhivery. This is FedEx’s first such strategic investment in an Indian company.
TOP VIDEOS FOR YOUThe two companies will enter into a long-term commercial agreement following this transaction that will allow FedEx to enter the Indian market and Delhivery to further expand its presence in the country. FedEx will transfer certain assets pertaining to its domestic business in India to Delhivery.
The transaction will allow FedEx Express to focus on international export and import services to and from India. Meanwhile, Delhivery will sell FedEx Express international products and services in the Indian market. The Delhi NCR-based company will also provide pickup and delivery services across India, the companies said in a joint statement.
“India is a strategic priority for FedEx. This strategic alliance will support our long-term vision to grow our India business and serve customers seeking to expand in or enter the Indian market, as well as provide opportunities to develop product and technology solutions together with Delhivery for the benefit of our customers” said Raj Subramaniam, president and chief operating officer of FedEx Corp.
Don Colleran, president and chief executive of FedEx Express will be nominated to join the Delhivery Board of Directors. Singapore’s sovereign wealth fund GIC, Abu Dhabi’s Chimera, and UK’s Baillie Gifford also participated in the new round, which valued the company at a whopping $3 billion.
Delhivery has raised somewhere around $1.24 billion to date, from marquee investors like
The company was founded by Mohit Tandon, Sahil Barua, Bhavesh Manglani, Kapil Bharati and Suraj Saharan in 2011, and is planning to go public by early 2021. Two of the company’s cofounders — Manglani and Tandon — decided to step away from the company, reportedly to meet regulatory requirements before starting their initial public offering (IPO) process.
Delhivery provides a full suite of logistics services such as warehousing and technology services, express parcel transportation, cross-border, reverse logistics. The company claims to have fulfilled more than 850 million transactions to date and works with over 10,000 direct customers.
AdvertisementThe political flip-flops of Superstar Rajinikanth over the last three decades
‘Iron Man’ Vijay Shekhar Sharma put his own money on the line to launch Paytm — and ten years later the company is ready to go public
Paytm files draft prospectus for a $2.2 billion IPO
- The Tokyo Olympics are a hive of NFT activity — from pins to moments to artwork
- Twitter is rolling out an update to make Twitter Spaces easier to share and discover
- Tencent and Alibaba Group have lost more than $100 billion in July as China cracked down on internet giants
- Cadbury Dairy Milk's next phase of 'heart the hate' campaign urges bystanders to stand up against cyberbullying by sharing a Purple Heart
- Coinbase, CoinDCX, WazirX and other crypto firms aren’t just looking for engineers but designers, social media wizards, and managers too