FedEx Express, a subsidiary of the famous logistics company FedEx, will soon invest about 750 crores in the logistics platform Delhi, which will soon enter the IPO market. FedEx Express India and Delhivery have entered into a long-term business agreement. FedEx Express will focus on export and import services from India, while Delhivery will sell FedEx Express’s international products and services along with FedEx in the Indian market. Delhivery will provide pick-up and delivery services across the country.
Last year the unicorn was made in Delhi
The two companies said in a joint statement that FedEx will transfer certain assets related to its domestic business in India to Delhivery. In addition, FedEx Express President and CEO Don Colernan will be nominated to join Delhivery’s board of directors. Delhi became a unicorn in 2019. It has a funding of $ 400 million, led by SoftBank. Next year the company is bringing its IPO.
Reliance Retail will buy 40.95 percent stake in Just Dial, a deal done for Rs 3497 crore
Delhivery likely to launch IPO between December 2021 and March 2022
The company claims that it has completed one billion shipments since 2011. It has delivered goods to 30 crore Indian homes. Last year, the company had said that it would spend Rs 300 crore on its expansion in the next one-and-a-half years. Along with this, it will increase the fleet size and will also build several mega trucking terminals.
Delhivery can bring an IPO between December 2021 and March 2022. But before that the company will acquire Bengaluru-based logistics firm Spoton Logistics. The company’s IPO will be between $ 40-50 million. The company will use the funds received from this IPO to expand its business. Along with this, investment will also be made in the technology vertical of the company. The company’s co-founder and CEO Sahil Barua had said in an interview that Delhivery would be listed in India itself.