FedEx Corp has launched FedEx Innovation Lab (FIL) to cultivate and collaborate with rising early-stage digital startups in the key market of India and the wider region.
Through the FedEx network, resources, and worldwide customer base, FIL will make early-stage investments in these collaborations and provide startup companies with added value in terms of capabilities and speed to market. These partnerships will aid FedEx in broadening its advanced digital capabilities globally as it continues to modernize its business practices and product lineup to suit the demands of the modern supply chain. Global customers will gain from the alliances formed through FIL.
The first investment made by FIL is in Mad Street Den, a pioneer in enterprise artificial intelligence (AI) solutions and a computer vision and AI startup. Using its AI platform, the startup’s marketing, product, and technology teams can enhance and optimize efficiency. Their products are used in various sectors, including retail, healthcare, finance, media and entertainment, education, and more.
“India is at the core of innovation strategies for global technology leaders. Following the recent announcement of our plans to open the first Advanced Capability Community in Hyderabad, FIL further reinforces the importance we place on tapping new technologies and a wide range of talent,” Kami Viswanathan, Senior Vice President, FedEx Express, Middle East, Indian Subcontinent and Africa region said in a statement. “There is much mutual benefit that can be gained and a tremendous opportunity to help transform the global logistics industry. We would welcome any interest from innovators in India with a shared interest in our vision.”
FIL is looking for new partnerships to help develop smart logistics for everyone. India, which now boasts the third-largest startup ecosystem in the world and has risen in the Global Innovation Index rankings, is the main focus of FIL. FedEx can choose from various early-stage digital logistics companies in India to build a valuable partner portfolio. Additionally, the wider region has many prospects for collaboration and technological innovation.
“Innovation is embedded in our business strategy. As we celebrate our 50 anniversary this year, the launch of FIL is another exciting step in creating What’s Next for our customers. 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,” said Kawal Preet, president, FedEx Express, Asia Pacific, Middle East, and Africa (AMEA).