UPS is teaming up with India-based travel conglomerate InterGlobe Enterprises to launch a new company targeting the growing express sector in the country.
The new company, named Movin, will offer coverage across the country with a portfolio of business-to-business (B2B) services including a day-definite, as well as express, time-definite solutions using ground and air services, reports London’s Air Cargo News.
Movin is headquartered in Gurugram and launched services on May 26, with operations ramping up in July starting with Mumbai, Delhi NCR and Bengaluru – with more expansions to other metros and cities across the nation to follow.
A report by Mordor Intelligence shows that the Indian express market is expected to grow by a compound annual growth rate of 10.5 per cent up to 2026, fuelled by growing e-commerce demand.
The report said the current major players in the Indian express market are: Blue Dart Express (a DHL JV), InstaKart Services, Gati, DHL and FedEx. UPS does also have an existing presence in the country.
India’s Business Standard suggests Movin will be a 50/50 joint venture between the two companies.
Ufku Akaltan, UPS president Indian subcontinent, Middle East and Africa, added: “UPS is excited to launch this new venture with InterGlobe Enterprises. Together we will empower local businesses to grow and connect them to trade opportunities around the world.
“With a strategy of customer first, people led, innovation driven, UPS further expands its global network, including healthcare solutions, through a unique partnership that creates a suite of services to serve B2B customers’ need to grow.”
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Post time: Jun-04-2022