On Friday, US delivery giant FedEx Corp said it will make $100-million in equity investment in Indian e-commerce logistics startup Delhivery as part of a long-term commercial agreement.

As part of the deal, SoftBank-backed Delhivery will sell FedEx Express’ international products and services in India, 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, and its CEO Don Colleran get a seat on Delhivery’s board.

Several Indian startups have laid out their plans to go public as they aim to cash-in on liquidity by foreign funds. Delhivery is reportedly eyeing a market debut during the fourth quarter at a valuation of $4 billion. Incidentally, SoftBank-backed Indian digital payments startup Paytm has also filed for an IPO in the Indian market, the latest in a lineup of unicorns that are planning to go public making India one of the hottest IPO markets in 2021.

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