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SemiCab Wins New Commercial Contract with Bajaj Electricals

$560 Million New Client is One of the Largest Electronics Manufacturers in India

Fort Lauderdale, FL, Aug. 28, 2025 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (鈥淎lgorhythm鈥�) (NASDAQ:聽RIME), an AI technology holding company, announced today that it has signed a new master service agreement (MSA) with a Bajaj Electricals, one of the largest electronics manufacturers in India, with over $560 million in annual sales. Based in Mumbai, Bajaj Electricals is a publicly held subsidiary of the Bajaj Group, a $100 billion multinational conglomerate with operations in 40 countries, and is a global leader in automotive, consumer electronics, iron and steel fabrication, insurance, travel and finance.

Under the agreement, Algorhythm鈥� s subsidiary, SemiCab Holdings, LLC (鈥淪emiCab鈥�), will provide enterprise-level shipping services through its AI-powered software platform designed to reduce the cost of service, improve delivery accuracy, and eliminate empty miles. The contract, which has already launched during the third quarter, will cover multiple large metropolitan markets across India.

Ajesh Kapoor, CEO of SemiCab, commented, 鈥淟aunching this new relationship with Bajaj Electricals is a very positive accomplishment for SemiCab and Bajaj, one of the largest consumer electronics manufacturers in India today. We are particularly excited that this is one of our first new client mandate that does not require a pilot or proof of concept phase to the commercial relationship. We now have the track record and data from other clients to selectively bypass the initial trial phase entirely. This means we can accelerate the ramp up process, win larger mandates day one, and acquire a larger market share faster.鈥�

鈥淓qually important, Bajaj now our fourth new client that is not a member of the Indian National Digital Freight Exchange (NDFE). Our flagship relationship with multiple Fortune 50 CPG clients is accelerating our ability to reach a wider target client audience. We are courting household names in the fourth largest economy in the world, and we are rapidly gaining traction with new prospective clients daily鈥�, concluded Mr. Kapoor.

About Bajaj Electricals

Founded in 1938 and based in Mumbai, Bajaj Electricals is a highly diversified consumer electrical appliance manufacturer. The Company employs over 2,500 team members at 19 offices throughout India. The Company produces a wide range of residential, light commercial and other daily electronics-based appliances, which are sold through partnerships totaling more than 400,000 retail locations. The Company is publicly traded on both the Bombay Stock Exchange (鈥淏SE鈥�) and National Stock Exchange of India (鈥淣SE鈥�).

About Algorhythm Holdings

Algorhythm Holdings, Inc. is an AI technology company focused on the growth and development of SemiCab, an emerging leader in the global logistics and distribution industry. Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address these common supply-chain problems globally. Its AI-enabled, cloud-based Collaborative Transportation Platform achieves the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners to orchestrate collaboration across manufacturers, retailers, distributors, and their carriers. SemiCab uses AI/ML predictions and advanced predictive optimization models to enable fully loaded round trips. With SemiCab鈥檚 AI platform, shippers pay less and carriers make more without having to change a thing.

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Investor Relations Contact:
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Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in Algorhythm鈥檚 reports to the SEC, including, without limitation Algorhythm鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024. You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations, or as a result of new information, future events or otherwise.