UK’s SRAM & MRAM Group to invest USD100 mn in SpiceXpress; signs MoU
United Kingdom-based SRAM & MRAM Group will invest USD 100 million in SpiceXpress and Logistics Pvt. Limited. Both sides have signed a MoU as part of the investment deal.
SpiceJet has recently completed the hive off ‘SpiceXpress’ into a separate entity effective April 1, 2023 paving the way for the company to raise funds independently.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “SpiceXpress is delighted to enter into a MoU with SRAM & MRAM Group for a USD 100 million investment into the company. We had recently hived off SpiceXpress into a separate company as we were extremely confident and bullish about the potential of our tech-enabled logistics business and this MoU reaffirms our belief. This investment should help SpiceXpress to further grow and expand and provide a more streamlined and efficient service to its customers.”
Dr. Sailesh Lachu Hiranandani, Chairman, SRAM & MRAM Group, said, “We are pleased to join hands with SpiceXpress in its promising future and growth story. We see excellent growth opportunities in the logistics and cargo space in India. We are confident that SpiceXpress will contribute to India’s growth story. In a short time since its inception, the Company has shown exceptional growth in the nascent air cargo market and we see a tremendous potential for the Company in India’s fast growing cargo and logistics market.”
The MoU with SRAM & MRAM Group follows a restructuring agreement with aircraft lessor Carlyle Aviation Partner wherein the latter picked up a stake in SpiceXpress at an anticipated future valuation of USD 1.5 billion or INR 12,422 crore.