FedEx Express, a subsidiary of global logistics solutions provider FedEx Corp, has invested $100 million in logistics and supply chain startup Delhivery.

As part of the collaboration, FedEx will make $100 million equity investment in Delhivery, and the companies will enter into a long-term commercial agreement. FedEx Express will focus on international export and import services to and from India, and Delhivery will, in addition to FedEx, sell FedEx Express international products and services in the India market and provide pick-up and delivery services across India.

Both FedEx Express India and Delhivery have also entered into equity and commercial agreements that will utilize their combined strengths to unlock India’s international trade potential.

The strategic investment from FedEx comes on the back of the Indian company having raised over Rs 2,000 crore in a new funding round co-led by US-based Fidelity and Singapore’s sovereign wealth fund GIC, valuing it at about $3 billion.

Delhivery is targeting a public market listing next year to raise around $650-$800 million.