Swiggy swaps Lynk for 3.2% Udaan stake in ₹500 Cr deal
What's the deal? Swiggy is selling its retail distribution platform LynkDealroom has a profile for this one. Try Dealroom → to B2B e-commerce unicorn Udaan in a share-swap valuing the business at ₹500 Cr. Swiggy's subsidiary, Swiggy Networks LtdDealroom has a profile for this one. Try Dealroom →, will transfer its entire shareholding in Lynks Logistics Ltd to Trustroot Internet Pvt LtdDealroom has a profile for this one. Try Dealroom → (TIPL), Udaan's Singapore-based parent entity.
The terms: In return, TIPL will issue 1.67 lakh Series R compulsorily convertible preference shares to Swiggy Networks at $314.40 apiece, worth $52.37 million. That gives Swiggy a roughly 2.8% stake in Udaan.
More capital: Swiggy will also invest ₹75 Cr in primary capital in TIPL for an additional 0.4% stake, lifting its total holding in Udaan to about 3.2%. The transaction is expected to close by October 22, subject to customary closing conditions and regulatory approvals.
By the numbers: Lynk contributed revenue of ₹668 Cr in the financial year ended March 31, 2026, or 2.90% of Swiggy's consolidated revenue. Its net assets stood at ₹500 Cr, representing 2.73% of the group's consolidated net worth.
What's the endgame? The deal lets Swiggy exit a distribution business while retaining exposure to the B2B commerce space through an equity stake. For Udaan, absorbing Lynk expands its retail distribution footprint.
The signal: Swiggy is trading an owned operation for a minority position in a larger player — a consolidation move that concentrates B2B retail distribution around Udaan while trimming Swiggy's balance sheet.
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