You will soon be able to order groceries and daily essentials from online food delivery platform Swiggy. The company is going to acquire Link Logistics Limited (LYNK) for this. It is an FMCG retail distribution company.
Both the companies have signed an agreement today (July 13) 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 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.
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.
