Swiggy has entered right into a definitive settlement to amass LYNK, a retail logistics startup with a community of over 100,000 shops, the most recent in a sequence of purchases by the Indian meals supply big within the final two years.
The Bengaluru-headquartered startup, which counts Prosus, Accel and Invesco amongst its backers, stated the acquisition of LYNK will assist it broaden into the retail market.
Chennai-headquartered LYNK helps fast-moving shopper items companies develop their retail presence. The startup, which had raised about $23 million altogether, has been “growing 2.5x year-on-year with improved profitability,” it stated.
LYNK web site
“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. 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, ” stated Sriharsha Majety, CEO of Swiggy, in an announcement.
Thursday’s announcement is the most recent asset Swiggy is placing on its desk. The startup, valued at $10.7 billion in its earlier funding, final 12 months acquired restaurant tech platform Dineout and made a important funding in bike taxi startup Rapido.
More to observe.