Swiggy to exit Lynks Logistics, transfer B2B distribution business in share-swap deal
Swiggy Networks will transfer its authorised B2B distribution business to Lynks Logistics before selling its full stake in Lynks to Trustroot Internet. The transferred business generated Rs 668 crore in FY2026 revenue, or 2.9% of Swiggy’s consolidated revenue, and the deal is expected to close by Oct. 22, 2026.
What happened
Swiggy will transfer its B2B authorised distribution business to Lynks Logistics and sell Lynks to Trustroot Internet via a share swap. The business generated
Key facts
- 100% stake in Lynks Logistics to be transferred
- 166,534 Series R CCPS to be issued to SNL
- USD 314.40 per CCPS
- Rs 668 crore FY2026 revenue for transferred B2B business
- 2.90% of Swiggy consolidated FY2026 revenue
- Rs 500 crore net assets as of March 31, 2026
- 2.73% of Swiggy consolidated net worth
- Lynks standalone FY2026 revenue: nil
- Lynks net worth: negative Rs 11 lakh
- Swiggy share price: Rs 276.45
Why this matters
The share-swap structure, preceded by transferring Swiggy Networks’ authorised B2B distribution business to Lynks, creates a cleaner perimeter for Trustroot’s acquisition of Swiggy’s full Lynks stake.
What to watch
- Regulatory, shareholder or contractual approvals and whether closing occurs on or before October 22, 2026.
- Disclosed valuation of Lynks, the number and value of Trustroot shares received, and whether Swiggy retains any economic exposure after the transaction.
- Changes in Swiggy's reported consolidated revenue, adjusted EBITDA, working capital and cash flow following deconsolidation.
- Employee-transfer terms, merchant retention, service continuity and customer concentration within the B2B distribution operation.
- Any transition-services agreement or continuing commercial relationship between Swiggy, Lynks and Trustroot.
- Further portfolio actions signaling that Swiggy is preparing a broader profitability, restructuring or capital-discipline program.
- Complete the pre-sale transfer of the authorised B2B distribution business into Lynks and close the full stake sale to Trustroot Internet by the stated October 22, 2026 target.
- Disclose deal consideration, share-swap valuation, accounting treatment, expected gains or losses and any residual guarantees, service agreements or contingent liabilities.
- Reallocate capital and leadership capacity toward Instamart, food delivery profitability, advertising, restaurant services and other consumer-platform adjacencies.
- Potentially unwind or review additional non-core assets where Swiggy lacks a clear platform advantage or cannot achieve attractive returns.
- Lynks is likely to seek new external brand, retailer and logistics partnerships after its separation from Swiggy.