FedEx Express, a subsidiary of global logistics solutions provider FedEx Corp, has invested $100 million in Delhivery, a local logistics and supply chain startup. This is the first such strategic investment in the Indian company, which is expected to go public in early 2022, as ET previously reported.

Delhivery is planning a public market listing next year to raise $650-$800 million, for which it is in talks with investment bankers such as Citibank, Kotak Mahindra Capital, Bank of America Merrill Lynch, and Axis Capital.

“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,” according to a joint statement on Friday.

The two companies will enter into a long-term commercial agreement in which FedEx Express will concentrate on international export and import services to and from India. In addition to FedEx, Delhivery will sell FedEx Express international products and services in the Indian market, as well as provide pick-up and delivery services throughout the country.

“This strategic alliance will support our long-term vision to grow our India business and serve customers seeking to expand in or enter the Indian market, as well as provide opportunities to develop product and technology solutions together with Delhivery for the benefit of our customers,” said Raj Subramaniam, president, and COO of FedEx Corp.

FedEx Express delivers to over 220 countries and territories. FedEx Express employs a global air and ground network to expedite the delivery of time-sensitive shipments by a specific time and date, with a money-back guarantee.

“Our aim is to bring new products and opportunities to Indian and global businesses and consumers through unique access to our networks, and our technology and engineering capabilities,” said Sahil Barua, cofounder and CEO, Delhivery.