Food and grocery delivery platform Swiggy on Thursday said it has entered into a definitive agreement to acquire LYNK Logistics Limited for an undisclosed amount.
The deal paves the way for Swiggy's entry into India's massive retail market with a technology-led distribution platform.
LYNK will continue to operate as an independent business post the acquisition led by its co-founder and CEO Shekhar Bhende, Swiggy stated.
It enables leading FMCG brands to grow their retail presence through its network of over 1,00,000 retail stores across the top eight cities.
"With this acquisition, Swiggy enters India's food and grocery retail market, which is amongst the world's largest and fastest-growing, estimated to be more than USD 570 billion in size and expected to grow at 8 per cent year-on-year," Swiggy noted.
Post-acquisition, LYNK will leverage Swiggy's strength in technology and logistics to rapidly scale the existing platform.
Published 13 July 2023, 09:49 IST