FedEx Corp. has announced the establishment of the FedEx Innovation Lab (FIL) aimed at fostering partnerships with promising early-stage digital start-ups in India and other key regions. FIL will make strategic investments in these partnerships, leveraging the extensive FedEx network, resources, and global customer base to provide added value and accelerate market entry for start-ups.
These collaborations are expected to enhance FedEx’s advanced digital capabilities worldwide, as the company continues to evolve its operations and product offerings to meet the evolving demands of the modern supply chain. Customers globally will benefit from the partnerships formed through FIL.
The inaugural investment of FIL is in Mad Street Den, an industry-leading company specialising in computer vision and Artificial Intelligence (AI) solutions. Mad Street Den’s AI platform empowers marketing, product, and technology teams to optimise efficiencies across various sectors, including retail, healthcare, finance, media, entertainment, and education.
“Innovation is embedded in our business strategy. As we celebrate our 50th anniversary this year, the launch of FIL is another exciting step in creating What’s Next for our customers,” says FedEx Express, Asia Pacific, Middle East, and Africa (AMEA) President Kawal Preet.
“We are committed to using advanced technology and data-driven insights to create smarter supply chains with differentiated offerings to deliver greater value and experience for customers.”
FIL is actively seeking additional collaborations to foster the development of intelligent logistics solutions that benefit all stakeholders. With a primary emphasis on India, a country that has made significant strides in the Global Innovation Index, FIL has access to a wealth of early-stage digital logistics firms. This enables FedEx to carefully curate a valuable portfolio of partners. Furthermore, the broader region is a thriving hub of technological innovation, presenting abundant opportunities for partnerships and collaboration.
“India is now home to the world’s third largest start up ecosystem and at the core of innovation strategies for global technology leaders which makes it an ideal market for the FedEx Innovation Lab to build technology-driven partnerships,” says FedEx Express, Middle East, Indian Subcontinent and Africa region Senior Vice President Kami Viswanathan.
“There is much mutual benefit that can be gained through this approach as well as a tremendous opportunity to help transform the global logistics industry. We would welcome any interest from innovators with a shared interest in our vision.”