Swiggy Enters Retail Market with Lynk Acquisition
Written by Sanjay Kumar
News Highlights
- Swiggy acquires retail distribution company Lynk Logistics Limited, marking its entry into the massive retail market.
- Lynk to continue operating independently post-acquisition, led by Co-founder and CEO Shekhar Bhende.
- Swiggy’s acquisition of Lynk enables its foray into the retail sector with a technology-led distribution platform.
Swiggy, the online food delivery platform, announced on Thursday (July 13) that it has acquired Lynk Logistics Limited, a retail distribution company. The exact amount of the acquisition has not been disclosed. This move is aimed at allowing Swiggy to enter the vast retail market.
Swiggy clarified that Lynk will continue to function as an independent business even after the acquisition. Shekhar Bhende, the co-founder and CEO of Lynk, will lead the company post-acquisition, according to Swiggy’s statement.
This strategic acquisition will enable Swiggy to establish its presence in the retail market by leveraging Lynk’s technology-driven distribution platform. Lynk, founded in 2015 by Abinav Raja and Bhende, is recognized as one of India’s largest FMCG retail distribution companies that utilizes technology as its core driving force.
Sriharsha Majety, CEO of Swiggy, highlighted Lynk’s distinctive position in the retail distribution landscape, praising its brand-oriented and technology-driven operating model. Majety stated that Lynk has achieved success in collaborating with multiple FMCG brands.
Swiggy, with its extensive experience in supply chain and logistics, sees an opportunity to assist Lynk in scaling up its offerings and enabling retailers to enhance their customer service capabilities. Lynk currently has a network of over 100,000 retail stores across eight major cities, experiencing notable year-on-year growth and improved profitability.
Bhende expressed optimism about the acquisition, stating that with Swiggy’s support, Lynk aims to accelerate its growth and seize the immense potential in the market. Lynk utilizes an integrated technology platform that encompasses warehousing, inventory management, and logistics operations to streamline the entire retail distribution value chain. Furthermore, the company is developing a comprehensive FMCG retail distribution platform.
Swiggy’s CEO, Sriharsha Majety, announced recently that their food delivery business has achieved profitability, taking into account all corporate costs except for employee stock option costs. Majety emphasized that this is a significant milestone for the global food delivery industry, as Swiggy has accomplished profitability within a timeframe of less than nine years since its inception. While specific figures were not disclosed, Majety highlighted that Swiggy stands out as one of the few global food delivery platforms to achieve this feat.
Majety also expressed the enhanced collaboration between Swiggy’s teams and restaurant partners, aiming to enhance their experience with the platform and foster mutual success. He stated that as a result of these efforts, Swiggy’s restaurant net promoter score (NPS) has witnessed an impressive improvement of over 100 percent in the past eight quarters.
Must Read:-
- Top 10 Largest Oceans and Seas in the World
- Top 10 automobile companies in India 2023
- Top 10 Electrical Companies in India 2023
- Top 10 Real Estate Companies in India-2023
- Top 10 most awaited & upcoming Hindi web series 2023-24
- Top 10 Clothing Brands in India 2023
- Top 10 best cultures in the world-2023
- Top 10 best country to work and live in 2023
- Top 10 best country for education 2023
- Top 10 Most Followed Celebrities on Instagram 2023
- The Inspiring Success Story of Bear Grylls
- Top 10 Business Coaches in The World to Guide Entrepreneurs In 2023
- Top 10 movies based on True Stories you must watch before you die
- Top 10 Best Online Doctor Consultation Apps in USA
