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 en...
