Udaan to buy Swiggy’s B2B distribution arm Lynk for ₹500 cr in all-stock deal

EB2B platform Udaan on Monday said it will acquire Lynk Logistics, Swiggy’s wholly owned retail distribution arm, in an all-stock transaction that values the business at ₹500 crore.

Trustroot Internet, Udaan’s parent, will issue Swiggy Networks 166,534 Series R compulsorily convertible preference shares priced at $314.4 each, or about $52.4 million, in exchange for its entire shareholding in Lynks Logistics, according to disclosures made by Swiggy to exchanges on Monday. That gives Swiggy about 2.8% in Udaan. Swiggy will separately invest ₹75 crore of primary equity in Trustroot for another 0.4%, taking its holding to roughly 3.2%.