India-based on-demand convenience platform Swiggy has entered into an agreement to acquire LYNK Logistics.
LYNK Logistics is a tech-driven fast-moving consumer goods (FMCG) retail distribution company.
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The distribution company was founded in 2015 and operates a network of more than 100,000 retail stores across eight major Indian cities.
The company uses its proprietary, integrated technology platform to expedite the retail presence of FMCG brands.
This technology is said to power the entire retail distribution value chain across warehousing, inventory management and logistics operations.
The acquisition marks Swiggy’s entry into India’s food and grocery retail market, which is estimated to be worth more than $570bn in size.
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By GlobalDataFollowing the acquisition, LYNK will continue to be led by its co-founder and CEO, Shekhar Bhende and operate as an independent business.
Financial terms of the transaction have not been disclosed.
Swiggy CEO Sriharsha Majety said: “I am excited to have the LYNK team join Swiggy. LYNK is uniquely positioned in the retail distribution space with their brand-first, tech-led operating model and has demonstrated success with multiple FMCG brands.
“Our experience in supply chain and logistics gives Swiggy the unique opportunity to help LYNK scale up their offerings and empower retailers to serve their customers better.”
LYNK offers faster order-to-delivery turnaround and improved on-the-shelf availability using its proprietary technology stack.
The company will scale up its existing platform using Swiggy’s technology and logistics.
LYNK co-founder Shekhar Bhende said: “With Swiggy, we now hope to further accelerate our growth and double down on the tremendous opportunity before us. We are deeply encouraged by our interactions with Swiggy; both companies have an innate builder bias and I look forward to working together.”
