Daily Crunch: FedEx invests $100M in Indian logistics giant Delhivery


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
delivery startup invest express giant invests logistics bestservice investment fedex services country investing worldlynewsonline


Comments

Post a Comment

Popular posts from this blog

President and first lady plan to get their Covid-19 vaccine booster shots once they're eligible, Biden say

Image
s (CNN)President Joe Biden and first lady Jill Biden plan to get Covid-19 vaccine booster shots once they are cleared to take them, the President said in an interview aired Thursday. The Biden administration announced on Wednesday that Americans will be able to get Covid-19 vaccine booster shots starting on September 20, subject to authorization from the US Food and Drug Administration and sign off from the US Centers for Disease Control and Prevention. Individuals would become eligible for their booster shot eight months after their second shot of the Pfizer or Moderna vaccines. Those who received the Johnson & Johnson Covid-19 vaccine may need boosters in the future, but more data is needed, health officials said. The Bidens received their second Pfizer Covid vaccine shots in January, so they would become eligible for the booster shot in September, the President told ABC News. "We're gonna get the booster shots," Biden said. "And-- it's somethin'
Read more

Pence, Diverging From Trump, Says He Was ‘Proud’ to Certify Election

Image
Speaking at the Lincoln-Reagan Dinner in Manchester, N.H., this month, Mr. Pence admitted that he and Mr. Trump might never see eye to eye about the Capitol riot. Former Vice President Mike Pence on Thursday night made his most forceful attempt yet to separate himself from his former boss, Donald J. Trump, on the issue of certifying the 2020 election results. Speaking at the Ronald Reagan Presidential Library in Simi Valley, Calif., Mr. Pence defended the constitutionally mandated role he played in certifying the Electoral College vote on Jan. 6, when a violent mob of Trump loyalists — some chanting “Hang Mike Pence” — stormed the Capitol while the president did nothing for hours to stop them. #vicepresident #riot #speaking #beproud #manchester #night #capitol #election #president #trump #mikepence #vice #speak
Read more