Shares of Delhivery Ltd. surged after the logistics company was granted a U.S. patent for its proprietary technology product.
The patent covers Delhivery's innovation in address verification and location mapping, according to an exchange filing.
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, to give an accurate location for an address, the filing said.
The system has been built using intelligence collected from over a billion successful deliveries since inception.
Kapil Bharati, executive director and chief technology officer at Delhivery, said the company's "proprietary technology is a core differentiator, and the patent reiterated commitment to design tech solutions". The company has already externalised Addfix and other location intelligence services to customers across e-commerce and BFSI sectors.
The Gurugram-based company, the largest and fastest growing fully integrated logistics services provider in India in FY21, debuted on the exchanges on Tuesday. The shares got listed at a premium and had gained more than 10%.
The stock rose as much as 8.75% intraday on Friday and closed near the day's high with 8.35% gains.
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