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SoftBank-backed Delhivery will sell FedEx Express' international
products and services in India, as part of the deal, and also
provide pick-up and delivery services across the country.
FedEx will also transfer some of its assets from its India
business to Delhivery, enabling broader access to the the
Gurgaon-based startup's pan-India network.
Don Colleran, chief executive officer of FedEx Express, shall
also get a board seat at Delhivery.
Several Indian startups have spelt out plans to go public to
cash in on liquidity by foreign funds. According to media
reports, the startup which is eyeing a market debut as early as
the fourth quarter is weighing a valuation of $4 billion.
SoftBank-backed Indian digital payments startup Paytm has filed
for an initial public offering, the latest in a lineup of
unicorns that are planning to to go public, making India one of
the hottest IPO markets in 2021. Food delivery startup Zomato's
IPO subscription opened earlier this week and is awaiting
listing.
(Reporting by Shivani Singh in Bengaluru; Editing by Shailesh
Kuber)
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