Delhivery Shares Slump 3.9% Despite Major Deal With Godrej Appliances

Delhivery has landed a large order from Godrej Appliances — with the latter handing over the reigns of its country-wide supply chain for its air-cooler business to the logistics company.

The Delhivery Driver: Godrej, a pioneer in building inverters into air coolers to improve power savings, aims to improve its portfolio of offerings soon as spring edges closer in the country, per a press release.

The deal allows the company to make of most of Delhivery and its integrated warehousing and distribution solution to drive air cooler sales.

The two companies have also joined forces to inaugurate a new warehouse in Ghaziabad which is intended to become a pan-India fulfilment centre.

“Air Coolers [are] a highly seasonal category and hence, quick delivery and replenishment will play a key role in the category's growth. Delhivery's technology-driven supply chain solutions make them the partner of choice for our business," said Amit Jain, Product Head – Air Coolers, Godrej Appliances in a press release.

The partnership arrives on the back of Delhivery acquiring Pune-based logistics firm Algorhythm Tech, a move that is expected to be completed by Jan. 31.

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Apart from services such as integrated warehousing, Delhivery offers a suite of logistics services such as express package transportation, freight brokerage platforms, cross-border, supply chain, and technology services among others.

Price action: The move hasn’t caught the fancy of traders who’ve continued to dump Delhivery shares with stock price dipping nearly 3.9% on Tuesday to trade at around ₹312.15.

The shares had closed the previous session at ₹324.75.

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Posted In: DelhiveryGodrej AppliancesLogisticsSupply Chain