FedEx Corp will invest $100 million in Indian e-commerce logistics startup Delhivery under a long-term commercial contract, the U.S. delivery company announced Friday.
SoftBank-backed Delhivery will offer Indian products and services to FedEx Express as part of the agreement. They also offer pick-up and delivery services throughout the country.
FedEx will also transfer assets from India to Delhivery to enable greater access to the Gurgaon-based startup’s pan-India network.
Don Colleran will also be a member of the Delhivery board.
Many Indian startups have announced plans to go public in order to tap into foreign capital. Media reports claim that the startup, which wants to make its market debut in the fourth quarter, is valued at $4 billion.
SoftBank-backed Indian digital payments startup Paytm filed for an initial public offer. This is the latest in a series of unicorns planning to go public. India will be one of the most exciting IPO markets in 2021. Zomato, a food delivery startup, opened its IPO subscription earlier this week and is currently awaiting listing.