Swiggy has signed a definitive agreement to acquire LYNK, a retail logistics startup with a network of more than 100,000 stores, the latest in a series of buyouts by the Indian food delivery giant in the past two years.
The Bengaluru-headquartered startup, which counts Prosus, Accel and Invesco among its backers, said the acquisition of LYNK would help it expand into the retail market.
Ramco-backed cement giant LYNK is helping fast-moving consumer goods companies grow their retail presence. The Chennai-headquartered startup, which has raised around $23 million altogether and almost all of it from Ramco, has “grew 2.5x year-over-year with better profitability,” he says. LYNK identifies Hindustan Unilever, ITC, Tata, Lakme, Pepsico, Britannia, RedBull, Mars and Dabur among its customers on its website.
“LYNK is uniquely positioned in the retail distribution space with their brand-first technology-driven operating model and has demonstrated success with a variety of FMCG brands. Our experience in supply chain and logistics provides Swiggy with a unique opportunity to help LYNK enhance their offerings and empower retailers to better serve their customers,” said Sriharsha Majety, CEO of Swiggy, in a statement.
Thursday’s announcement is Swiggy’s newest asset. The startup, valued at $10.7 billion in previous funding, last year acquired restaurant technology platform Dineout and made a significant investment in bike taxi startup Rapido.
More to follow.