SRAM & MRAM Group to Fund SpiceXpress and Logistics Pvt Ltd

SpiceXpress and Logistics Pvt Ltd, the freighter arm hived off from SpiceJet recently, has announced that UK-based SRAM & MRAM Group will invest $100 million in it. Both the sides have signed a MoU for the investment deal. The is agreement comes on the heels of a restructuring agreement with aircraft lessor Carlyle Aviation Partner wherein the latter picked up a stake in SpiceXpress at an anticipated future valuation of $1.5 billion (Rs 12,422 crore).

SpiceJet CMD Ajay Singh said: “SpiceXpress is delighted to enter into a MoU with SRAM & MRAM Group for a $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.”

SRAM & MRAM Group chairman Sailesh Lachu Hiranandani said: “. We are confident that SpiceXpress will contribute to India’s growth story. In a short time since its inception, the Company has shown 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.”

SpiceJet had recently completed the hiving off of SpiceXpress into a separate entity effective April 1, 2023, paving the way for the Company to raise funds independently.

The SRAM & MRAM group is an international conglomerate with offices in Cambodia, South Africa, Indonesia, Malaysia, Bahrain, Georgia, India & Bangladesh. The group’s interests are spread across various services, business verticals and operations.