IPO-bound Delhivery is all set to receive a $100 million investment from American giant, FedEx Express. The Indian startup, the American company has agreed to make a joint investment in Delhivery. Delhivery had previously raised about $277 million funding from a group of investors.
The partnership between FedEx Express, which is a subsidiary of FedEx Corporation, and Indian startup company Delhivery will follow a long-term commercial agreement between the two companies. According to the partnership, on one hand, FedEx Express will be focusing on exporting and importing services to and from India. On the other, Delhivery will sell the international products and services of FedEx in the Indian market and also provide pickup and delivery services throughout the country.
The companies have issued a joint statement, and also said that FedEx will be transferring certain assets to its domestic business in India to Delhivery.
According to the partnership, Don Colleran, president, and CEO at FedEx Express will be joining the Delhivery board in India.
Speaking on the association, President and Chief Operating Officer at FedEx corp, Raj Subramaniam said, “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.”