Udaan to acquire Swiggy’s Lynk in ₹500 crore all-stock deal
The acquisition would add Lynk’s FMCG distribution network of 100,000+ retail stores across Bengaluru, Hyderabad, Chennai and Kolkata. Swiggy is also set to invest ₹75 crore in Udaan, taking its stake to about 3.2%.
What happened
Udaan will acquire Swiggy’s B2B distribution arm Lynk Logistics in a ₹500 crore all-stock deal, expanding FMCG distribution across key metros and over 100,000
Key facts
- ₹500 crore all-stock transaction value
- 166,534 Series R CCPS issued at $314.4 each
- Swiggy to receive about 2.8% stake in Udaan
- ₹75 crore primary equity investment by Swiggy for an additional 0.4% stake
- Swiggy holding in Udaan to reach roughly 3.2%
- Udaan implied valuation: about $1.9 billion (₹17,953 crore)
- Lynk FY26 revenue: ₹668 crore
- Lynk had net assets of ₹500 crore as of March 31, 2026
- Lynk serves more than 100,000 retail stores
- Four metros account for about 75% of Lynk revenue
- Private labels contribute 15-25% of Udaan staples sales
- Udaan revenue CAGR: about 25% from Q4 CY23 to Q1 CY26
- Udaan EBITDA burn fell about 70%
- Udaan recapitalisation: $160 million, including about $45 million private credit
Why this matters
The transaction illustrates how acquiring established distribution networks can rapidly consolidate fragmented FMCG supply chains, with minority rollover stakes helping align strategic sellers and buyers.