<article>Dubai-based logistics company <a href="http://dealstreetasia.com/tag/aramex" target="_blank" rel="noopener">Aramex</a> has reportedly sold its India operations to <a href="http://dealstreetasia.com/tag/carlyle" target="_blank" rel="noopener">Carlyle</a> and <a href="http://dealstreetasia.com/tag/tiger-global" target="_blank" rel="noopener">Tiger Global</a>-backed  e-commerce logistics firm <a href="http://dealstreetasia.com/tag/delhivery" target="_blank" rel="noopener">Delhivery</a>.</article>

Dubai-based logistics company <a href="http://dealstreetasia.com/tag/aramex" target="_blank" rel="noopener">Aramex</a> has reportedly sold its India operations to <a href="http://dealstreetasia.com/tag/carlyle" target="_blank" rel="noopener">Carlyle</a> and <a href="http://dealstreetasia.com/tag/tiger-global" target="_blank" rel="noopener">Tiger Global</a>-backed  e-commerce logistics firm <a href="http://dealstreetasia.com/tag/delhivery" target="_blank" rel="noopener">Delhivery</a>.
According to media reports, Gurgaon-based Delhivery will take over the local operations of Aramex from March 2019.
&#8220;The deal is yet to be closed but we are entering into the agreement of Delhivery buying Aramex India,” Aramex India country manager Hector Crasto told Financial Express.
The financial details of the deal were not disclosed.
Delhivery is reportedly set to join the coveted unicorn club as it seeks to raise $250-450 million from potential investors, including SoftBank Vision Fund. Last month, SoftBank had sought the Competition Commission of India’s (CCI) approval to acquire a 37.87 per cent stake in the Indian logistics firm.
Founded in 2011, Delhivery provides express logistics services in over 1,200 cities in India and operates several fulfilment centres for B2C and B2B services. In early 2017, Carlyle had picked up a significant stake in the startup’s $100-million round, which also saw participation from Tiger Global.
For the financial year ending on March 31, 2018, Delhivery reported a 42 per cent year-on-year rise in revenue to Rs 1,073.64 crore. However, its losses also increased by 8.5 per cent to Rs 692.22 crore in FY18.
Aramex, which has been doing last mile delivery through Mumbai-based Grab in which it had invested over the last few years, has been more focused on courier services and was facing a tough time in the logistics fulfilment space, said the media reports.
Earlier this month, in its earnings report for Q4 2018 Aramex, had said that its Domestic Express business had declined by 1 per cent to AED 270 million, compared to AED 272 million in Q4 2017, due to downscaling in India.
&#8220;Performance was impacted by the strategic downscaling of operations in India as part of restructuring efforts, which over the longer term will ultimately have a positive impact on the bottom line. Excluding India operations impact, Domestic Express would have grown by 8% in 2018,&#8221; it said.
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Delhivery is reportedly set to join the coveted unicorn club as it seeks to raise $250-450 million from potential investors, including SoftBank Vision Fund.

Carlyle-backed Delhivery said to acquire India ops of Dubai's Aramex

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Carlyle-backed Delhivery said to acquire India ops of Dubai's Aramex

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