India's Swiggy acquires LYNK Logistics, to enter retail distribution segment

Ramco Industries

13/07/2023 10:23

BENGALURU, July 13 (Reuters) - India's Swiggy on Thursday said it will
acquire LYNK Logistics, a retail distribution company in the fast-moving
consumer goods (FMCG) space, marking the food-delivery company's entry into the
retail business-to-business (B2B) segment.
    Founded in 2015, Chennai-based LYNK works with FMCG brands as an authorized
distributor to retail stores and has a network of over 100,000 retail stores
across eight cities.
    Ramco Cements  TRCE.NS  and Ramco Industries  RAMC.NS  have sold their
entire stakes in LYNK for an undisclosed amount to Bundl Technologies, which
operates under the brand name Swiggy, filings showed on Thursday. 
    Following the acquisition, LYNK will continue to operate as an independent
company led by co-founder and Chief Executive Shekhar Bhende.
    Swiggy also has a business-to-customer (B2C) segment called Swiggy
Instamart, which provides grocery delivery services. 
    Rival Zomato  ZOMT.NS  has a B2B arm called Hyperpure, which supplies
ingredients and kitchen products to hotels and restaurants.
    In May, Swiggy said its food delivery business achieved profitability in
March, less than nine years since its inception. Last year, it acquired
dining-out and restaurant tech platform Dineout to enter the reservations and
dine-out discounts market.
    

 (Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Sonia Cheema)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))