FedEx Express invests big in Delhivery

FedEx Express has invested USD 100 million in homegrown logistics and supply chain startup Delhivery. The company is expected to hit the public markets by early 2022. The investment from FedEx comes as a followup move to the USD 277 million investment raised by the company in a new funding round, co-led by US based Fidelity and Singapore’s sovereign wealth fund GIC. An official joint statement read, “FedEx will transfer certain assets pertaining to its domestic business, in India, to

Delhivery. Additionally, Don Colleran, President and CEO of FedEx Express, will be nominated to join the Delhivery Board of Directors.” The agreement will have Delhivery sell FedEx and FedEx International products and services in the Indian market along with pick-up and delivery services. Delhivery is also in talks with banks such as Citibank, Kotak Mahindra Capital, Bank of America, Merrill Lynch and Axis Capital to raise another USD 650850 million next year.