udaan acquires LYNK Logistics for Rs 500 crore; Swiggy to take 3.2% stake
eB2B platform udaan on Monday announced the acquisition of LYNK Logistics, Swiggy’s wholly owned technology-driven retail distribution platform, for Rs 500 crore, as it seeks to strengthen its distribution network and move closer to sustainable profitability and a potential public market listing.
The transaction will be settled through the issuance of preference shares to Swiggy in Trustroot Internet Pvt Ltd (TIPL), the parent company of udaan. As part of the deal, Swiggy will acquire about 2.8% stake in udaan. Swiggy will also invest an additional Rs 75 crore in primary equity in TIPL for a further 0.4% stake.
