 "Delhivery to acquire supply chain solutions firm Algorhythm Tech")
Logistics firm Delhivery said on Tuesday it is acquiring Algorhythm Tech, which provides supply chain solutions, for Rs 14.9 crore.
Delhivery said the transaction will be completed by January 31 next year. Pune-based Algorhythm Tech, which had a turnover of Rs 3.6 crore in FY22, will operate as a wholly owned subsidiary of Delhivery.
Algorhythm, which was founded by Abhaya Borwankar, Ajit Singh and Sandeep Pendurkar in 2003, offers end-to-end supply chain planning and execution products to clients in FMCG, pharmaceutical, steel, auto and telecom through its proprietary Rhythm 3.0 platform.
“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 optimization in service delivery," said Sandeep Kumar Barasia, executive director and chief business officer of Algorhythm.
“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,” said Ajit Singh, co-founder of Algorhythm Tech.
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