Computer vision and Artificial Intelligence (AI) startup Mad Street Den has signed a partnership with FedEx Innovation Lab (FIL), a startup accelerator initiative of shipping major FedEx, to develop and use advanced technology for smarter supply chains for logistics companies.
Through the partnership, FedEx will invest in Mad Street Den. While the company did not mention the total amount raised, sources told Moneycontrol that the investment varies from $2 million to $5 million.
Mad Street Den, with offices in Chennai and California, is planning to use the investment to expand its capabilities across industries, especially the logistics industry.
“This collaboration is huge for Mad Street Den. This is an endorsement of our credibility… FedEx is not just a logistics player but they also have a huge set of B2B customers. Mad Street Den powering FedEx means that we will also have access to serve their customers,” Co-founder Ashwini Asokan said in an interaction with Moneycontrol.
Founded in 2016 by Asokan and Anand Chandrasekaran, Mad Street Den has created AI-based solutions through its Vue.ai and blox.ai business units that help retailers grow their businesses by reducing operational costs through automation and data management.
“Retail was one of our main verticals, BFSI and logistics are the second biggest focus and we will be doubling down on these sectors and the fund will be utilised for the same,” Asokan said.
In January 2023, Mad Street Den raised $30 million in its Series-C round led by Avatar Growth Capital, with participation from existing investors Sequoia Capital and Alpha Wave Global (formerly known as Falcon Edge Capital).
FedEx Launched FedEx Innovation Lab in May 2023 to foster early stage startups in India and help build smart logistics.
“This collaboration will also help expand FedEx’s advanced digital capabilities as it continues to differentiate its portfolio offerings to meet modern supply chain and logistics needs," said Kami Viswanathan, Senior Vice-President for Middle East, Indian Subcontinent and Africa (MEISA), FedEx Express.
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