The newest acquisition by the Indian food delivery behemoth Swiggy in the past two years is LYNK, a retail logistics startup with a network of over 100,000 stores, for which a binding deal has been reached.
The Bengaluru-based business, which has investors like Prosus, Accel, and Invesco, claimed that the purchase of LYNK will aid in its entry into the retail market.
Fast-moving consumer products companies can expand their retail presence thanks to LYNK, which is supported by cement major Ramco. The business with its headquarters in Chennai had raised around $23 million in total, almost entirely from Ramco, and it claimed that it had been “growing 2.5x year-on-year with improved profitability.”
On their website, LYNK lists Hindustan Unilever, ITC, Tata, Lakme, Pepsi, Britannia, RedBull, Mars, and Dabur as clients.
With its brand-first, tech-led operational strategy and track record of success with numerous FMCG brands, LYNK is ideally positioned in the retail distribution arena.
According to Sriharsha Majety, CEO of Swiggy, “Our knowledge in supply chain and logistics gives Swiggy the unique chance to help LYNK build up their products and empower retailers to serve their customers better.
The most recent asset Swiggy is putting on the table is the news from last Thursday. The business, which received a prior fundraising round estimated at $10.7 billion, bought the restaurant technology platform Dineout and made a sizeable investment in the bike taxi startup Rapido last year.