India's Swiggy acquires LYNK Logistics, to enter retail distribution segment

BENGALURU, July 13 (Reuters) - Indias Swiggy on Thursday said it will acquire LYNK Logistics, a retail distribution company in the fast-moving consumer goods (FMCG) space, marking the food-delivery companys entry into the retail business-to-business (B2B) segment.

Founded in 2015, Chennai-based LYNK works with FMCG brands as an authorized distributor to retail stores and has a network of over 100,000 retail stores across eight cities.

Ramco Cements (TRCE.NS) and Ramco Industries (RAMC.NS) have sold their entire stakes in LYNK for an undisclosed amount to Bundl Technologies, which operates under the brand name Swiggy, filings showed on Thursday.

Following the acquisition, LYNK will continue to operate as an independent company led by co-founder and Chief Executive Shekhar Bhende.

Swiggy also has a business-to-customer (B2C) segment called Swiggy Instamart, which provides grocery delivery services.

Rival Zomato (ZOMT.NS) has a B2B arm called Hyperpure, which supplies ingredients and kitchen products to hotels and restaurants.

In May, Swiggy said its food delivery business achieved profitability in March, less than nine years since its inception. Last year, it acquired dining-out and restaurant tech platform Dineout to enter the reservations and dine-out discounts market.