New Delhi, July 13 (SocialNews.XYZ) Online food delivery platform Swiggy on Thursday said it has acquired retail distribution company Lynk Logistics Limited for an undisclosed sum to enter the massive retail market.
Lynk will continue to operate as an independent business post the acquisition led by Co-founder and CEO, Shekhar Bhende, Swiggy said in a statement.
The acquisition will help Swiggy’s entry into the huge retail market with a technology-led distribution platform.
Founded in 2015 by Abinav Raja and Bhende, Lynk is one of India’s largest tech-driven FMCG retail distribution companies.
“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,” said Sriharsha Majety, CEO, Swiggy.
“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,” he added.
Lynk has a network of more than 1 lakh retail stores across top eight cities. The company has grown 2.5 times year-on-year with improved profitability.
"With Swiggy, we now hope to further accelerate our growth and double down on the tremendous opportunity before us,” said Bhende.
Lynk leverages a proprietary, integrated technology platform to power the entire retail distribution value chain across warehousing, inventory management and logistics operations. It is building a full-stack FMCG retail distribution platform.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz