Stake sale · Commerce & Consumer Brands

Swiggy sells Lynks Logistics stake to Trustroot

By Startup Enthusiast · 4 September 2026

What they do

Swiggy operates a unified app for food delivery, quick commerce, and local services

Swiggy Networks sold its entire stake in Lynks Logistics to Trustroot Internet for $52.4 million via a share-swap, receiving shares in Udaan

The deal gives Swiggy a ~3.2% stake in Udaan, a B2B ecommerce unicorn, and helps Swiggy focus on its core businesses

Swiggy Networks, a subsidiary of Swiggy, sold its entire stake in Lynks Logistics to Trustroot Internet Private Limited (Singapore) via a share-swap.
The transaction value is $52.4 million (approximately ₹438 crore).
Lynks Logistics was valued at ₹500 crore in the deal.
Swiggy Networks received 166,534 Series R CCPS (compulsorily convertible preference shares) at $314.40 each from Trustroot.
Through the share-swap, Swiggy acquired a ~2.8% stake in Udaan, a B2B ecommerce unicorn.
Swiggy also invested ₹75 crore in primary capital in Udaan, raising its total stake to ~3.2%.
The transaction is expected to close by October 22, 2026.

Swiggy acquired Lynks in 2023 to enter food and grocery retail distribution.
The B2B distribution business was transferred from Swiggy Networks to Lynks before the sale.
Udaan recently completed a $160 million recapitalisation (fresh equity, new debt, debt conversion) after insolvency proceedings were initiated.
Udaan's revenue grew at a CAGR of ~25% over 10 quarters, and its EBITDA burn declined ~70%.
The deal allows Swiggy to focus on its core consumer businesses while gaining a stake in a growing B2B platform.

Swiggy is a consumer-focused convenience platform offering food delivery, quick commerce (Instamart), and local services via a unified app.
Swiggy's food delivery gross order value (GOV) in Q1 FY27 was ₹9,490 crore, up 17.4% year-on-year.
Swiggy's monthly transacting users in Q1 FY27 were 19.2 million, up 17.8% year-on-year.
Swiggy's revenue from operations in Q1 FY27 was ₹6,812 crore, up 37.3% year-on-year.
Swiggy's consolidated net loss in Q1 FY27 was ₹791 crore, down ~34% from ₹1,197 crore year-on-year.
Swiggy's EBITDA loss in Q1 FY27 was ₹650 crore, improved from ₹945 crore year-on-year.
Swiggy is headquartered in Bengaluru and listed on Indian stock exchanges.

Swiggy shareholders approved capping foreign ownership at 49.5% to qualify as an Indian-Owned and Controlled Company (IOCC).
IOCC status will allow Swiggy to directly own and sell inventory via Instamart, improving margins and supply chain control.
The transaction with Trustroot is expected to close by October 22, 2026.

Trustroot Internet Private Limited (buyer) — Singapore-based parent entity of B2B ecommerce unicorn Udaan, engaged in cash-and-carry wholesale trading.
Prosus (existing) — Foreign investor in Swiggy.
SoftBank (existing) — Foreign investor in Swiggy.
Tencent (existing) — Foreign investor in Swiggy.
Accel (existing) — Foreign investor in Swiggy.
SBI Mutual Fund (existing) — Indian investor in Swiggy.
ICICI Prudential Asset Management (existing) — Indian investor in Swiggy.
HDFC Mutual Fund (existing) — Indian investor in Swiggy.
BNP Paribas (buyer) — Acquired 1.78 crore Swiggy shares for ₹491.99 crore in block deals on September 4, 2026.
Goldman Sachs (buyer) — Acquired 1.98 crore Swiggy shares for ₹549.01 crore in block deals on September 4, 2026.