Shadine Taufik · · 1 min readIndia’s Delhivery to acquire enterprise supply chain SaaS firm
Indian logistics major Delhivery is set to acquire 100% of Algorhythm Tech., an enterprise supply chain software startup.
Photo credit: Delhivery
The deal size wasn’t disclosed, but Mint reported that Delhivery paid 149 million rupees (US$1.8 million) in cash for Algorhythm, which provides clients with end-to-end supply chain planning and execution through its AI-powered software.
Algorhythm will operate as a wholly owned subsidiary of Delhivery following the deal, which is expected to close before the end of January 2023, according to a statement.
Delhivery went public in May and its share price hit an all-time low a few months later in November, according to a TechCrunch report. The company reported a revenue increase of 19% to reach US$217 million in the latest quarter.
Founded in 2011, Delhivery works with over 28,000 customers, offering cross-border logistics, supply chain, express parcel transportation, and truckload freight, among other services. The firm says it has fulfilled over 1.7 billion shipments to date.
Currency converted from Indian rupees to US dollars: US$1 = 82.76 rupees
Editing by Miguel Cordon, Thu Huong Le, and Eileen C. Ang
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