Algorhythm Tech, a company providing business supply chain software, will be fully acquired by Indian logistics giant Delhivery.
Algorhythm, which offers clients end-to-end supply chain planning and execution through its AI-powered software, was purchased by Delhivery for 149 million rupees (US $1.8 million), according to a report from Mint. The deal value was not disclosed.
The transaction, which is anticipated to finalize by the end of January 2023, would result in Algorhythm becoming a fully-owned subsidiary of Delhivery.
According to a TechCrunch story, Delhivery went public in May and its share price reached an all-time low in November. In the most recent quarter, the firm recorded a 19% growth in revenue, bringing it to US $217 million.
Delhivery, a company founded in 2011, serves over 28,000 clients and provides cross-border logistics, supply chain management, rapid package delivery, and truckload freight, among other services. According to the business, it has currently processed over 1.7 billion shipments.