Delhivery bags patent for its proprietary technology product Addfix; stock zooms ~2%

27 May 2022 , 10:51 AM

Delhivery Limited informed investors and exchanges through its press release that company has been awarded a US Patent – US 11,343,638 B2 (45) on May 24, 2022.

This patent received is for Delhivery’s innovation in address verification and location mapping – ‘System and method for validating geographic location accuracy for an address.’

Addfix uses 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 provide with an accurate location for an address.

The system has been built using intelligence data gathered from over a billion successful deliveries since inception and is curated to clock greater accuracy with every passing delivery.

Commenting on the patent, Kapil Bharati, Executive Director, and Chief Technology Officer, Delhivery, said, ‘As a company, our proprietary technology is a core differentiator, and this patent reflects on our commitment to design tech solutions that enhance the efficiency and reliability of our customer’s supply chains. The company has also externalized Addfix and other location intelligence services to customers across the e-commerce and BFSI sectors.’

At around 10.55 AM, Delhivery was trading at Rs515.15, up by Rs9.85 or 1.95% against its previous close of Rs505.30 on NSE. It opened at Rs501.30 and touched intraday high and low of Rs522.75 and Rs501.30 respectively so far.