Bengaluru: India’s Swiggy on Thursday said it will acquire LYNK Logistics, a retail delivery company in the fast-moving consumer goods (FMCG) sector, marking the food-delivery company’s entry into the retail business-to-business (B2B) segment.
Established in 2015, Chennai-based LYNK works with FMCG brands as an authorized distributor of retail stores and has a network of over 100,000 retail stores across eight cities.
Ramco Cements and Ramco Industries have sold their entire stake in LYNK for an undisclosed amount to Bundle Technologies, which operates under the Swiggy brand name, a filing showed on Thursday.
Following the acquisition, LYNK will continue to operate as an independent company under the leadership of co-founder and CEO Shekhar Bhende.
Swiggy also has a business-to-consumer (B2C) segment called Swiggy Instamart, which provides grocery delivery services.
Rival Zomato has a B2B arm called Hyperpure, which supplies ingredients and kitchen products to hotels and restaurants.
In May, Swiggy said its food delivery business has achieved profitability in March, less than nine years after its inception. Last year, it acquired dining-out and restaurant tech platform Dineout to enter the reservation and dine-out discount market.
(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Sonia Cheema)
Disclaimer: This report is automatically generated from Reuters news service. ThePrint takes no responsibility for its content.