Logistics firm Delhivery would acquire Algorhythm Tech for a cash consideration of ₹ 14.90 crore, which is subject to compliance with Sebi regulations. Algorhythm Tech is a cloud-based and artificial intelligence-based platform for manufacturing, supply chain and sales optimization. Upon completion of the acquisition, Algorhythm Tech will become a wholly-owned subsidiary of the company, according to the statement from Delhivery.
The statement also said Algorhythm Tech’s supply chain software tools are relevant to Delhivery’s supply chain services business — both as a value added service to Delhivery’s customers, and to drive cost optimisation in service delivery.
Delhivery may provide inter-corporate loans to/ infuse additional capital in the company to meet business requirements and settle past arrears and other liabilities. According to the statement, the acquisition will be funded from the proceeds raised through the initial public offer.
