Delhivery to acquire supply chain technology company Algorhythm Tech
This would be a 100% acquisition, post which Algorhythm Tech will operate as a wholly-owned subsidiary of Delhivery Limited. The transaction is expected to be completed by January 31, 2023, the company confirmed.
Gurugram-headquartered logistics company is acquiring Pune-based supply chain technology company Algorhythm Tech Pvt. Ltd, the company said in a statement.
The transaction is expected to be completed by January 31, 2023, Delhivery said.
This would be a 100% acquisition, post which Algorhythm Tech will operate as a wholly-owned subsidiary of Delhivery Limited.
Founded in 2003 by Abhaya Borwankar, Ajit Singh, and Sandeep Pendurkar, Algorhythm offers end-to-end supply chain planning and execution products to clients across FMCG, pharma, steel, auto and telecom sectors, through its proprietary Rhythm 3.0 platform.
Sandeep Kumar Barasia, Executive Director and Chief Business Officer, said, “Given that technology has and continues to be our core business differentiator, Algorhythm Tech’s SCM software products will enhance our Supply Chain Solutions offering with value added services and also drive cost optimisation in service delivery."
Ajit Singh, Co-founder, Algorhythm Tech, said, “Delhivery has made great strides to emerge as the largest logistics provider in India in a decade and we can think of no better team or company to work with to accelerate our joint vision for the future."
Edited by Megha Reddy