Swiggy enters the retail food and grocery segment with the LYNK acquisition
On Thursday, the online food delivery platform, Swiggy announced the acquisition of retail distribution company Lynk Logistics Limited to enter the massive retail market.
The acquisition will help Swiggy’s entry into the huge retail market with a technology-led distribution platform. However, Swiggy hasn’t disclosed the sum for the acquisition.
Founded in 2015 by Abinav Raja and Shekhar Bhende, Lynk is one of India’s largest tech-driven FMCG retail distribution companies.
Lynk will continue to operate as an independent business post the acquisition led by Co-founder and CEO, Shekhar Bhende, Swiggy said in a statement.
“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,” said Sriharsha Majety, CEO, Swiggy.
“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,” he added.
Lynk has a network of more than 1 lakh retail stores across the top eight cities. The company has grown 2.5 times year-on-year with improved profitability.
“With Swiggy, we now hope to further accelerate our growth and double down on the tremendous opportunity before us,” said Bhende.
Lynk leverages a proprietary, integrated technology platform to power the entire retail distribution value chain across warehousing, inventory management, and logistics operations. It is building a full-stack FMCG retail distribution platform.
[With Inputs from IANS]
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