Swiggy to foray into retail grocery business: Company to acquire FMCG retail distribution company ‘Link Logistics Limited’.

Online food delivery platform Swiggy will acquire tech-led Link Logistics Ltd (LYNK), an FMCG retail distribution company. Both the companies have signed an agreement for the acquisition. However, so far no company has given any information about the financial details of this deal.

Swiggy said, ‘With this acquisition, the company will enter the world’s largest and fastest growing food and retail grocery business in India. India’s food and retail grocery business market is more than $ 570 billion, which can grow at the rate of 8% annually every year.

LYNK will continue to do independent business even after the acquisition

Lynk Logistics issued a statement saying, ‘LYNK will continue to operate as an independent business following the acquisition under the leadership of co-founder and CEO Shekhar Bhende. Along with this, the company will also leverage Swiggy’s strength in technology and logistics to rapidly scale its existing platform.

FMCG retail distribution company LYNK started in 2015

Link Logistics Limited, a Chennai based FMCG retail distribution company incorporated in 2015, is a Ramco Cements Limited supported company. According to media reports, LYNK has raised around $23 million in funding so far.

Link is an authorized distributor, connecting FMCG brands with retail stores. The company helps FMCG brands expand their presence through around 1 lakh retail stores across top 8 cities in the country.