MAY 30, 2022Article Originally Posted By: economictimes.indiatimes.com
Shares of Delhivery rallied 7% in Friday’s trade after the company said it was granted a patent for its proprietary technology product Addfix.
The patent covers Delhivery’s innovation in address verification and location mapping – ‘System and method for validating geographic location accuracy for an address.’
Delhivery which raised Rs 5,235 crore earlier this month through a public issue made a tepid debut on Dalal Street on Tuesday at Rs 495.2, a premium of 2% over its issue price of Rs 487. However, shares rallied 10% post listing on Tuesday.
Addfix, Delhivery’s proprietary address disambiguation system, takes unstructured and incomplete or error-ridden addresses provided by customers and breaks them down into different geographical elements like country, state, city/town, locality, street, landmark, building, postal code, etc. to give an accurate location for an address.
The system has been built using intelligence collected from over a billion successful deliveries since inception and is designed to clock greater accuracy with every passing delivery.
Commenting on the announcement, Kapil Bharati, Executive Director, and Chief Technology Officer, Delhivery, said, “As a company, our proprietary technology is a core differentiator, and this patent reiterates our commitment to design tech solutions that increase the efficiency and reliability of our customer’s supply chains. We have also externalized Addfix and other location intelligence services to customers across the e-commerce and BFSI sectors.”