Swiggy Arm To Sell Entire Lynks Logistics Stake In ₹500 Crore Share Swap

Swiggy is set to transfer its entire stake in Lynks Logistics Ltd. to Trustroot Internet Private Ltd. (TIPL), the parent entity of Udaan, in a proposed share-swap transaction through its wholly owned subsidiary, Swiggy Networks Ltd. (SNL).

The transaction values the business transfer at ₹500 crore, with Swiggy set to receive an approximately 2.8% stake in Udaan. A separate ₹75 crore primary investment in Udaan will take Swiggy's holding to about 3.2%.

Swiggy’s share price ended at ₹276.45 on 7 September, up 0.13% from the previous close of ₹276.10. The stock touched an intraday high of ₹280.50 and a low of ₹274.65.

How Will The Swiggy-Lynks Share Swap Work?

SNL plans to transfer its entire holding in Lynks Logistics to TIPL. The stake represents 100% of the company's issued and outstanding shares.

As consideration for the transfer, TIPL will issue 166,534 Series R Compulsorily Convertible Preference Shares (CCPS) to SNL.

The CCPS will be issued at USD 314.40 per share. The transaction will be carried out under a Share Acquisition Agreement and a Deed of Adherence.

TIPL and its affiliates operate in cash-and-carry wholesale trading. Swiggy has clarified that TIPL is not part of its promoter group or group companies. The company also said the proposed transaction does not qualify as a related-party transaction.

The structure involves a business transfer before the stake sale. The B2B authorised distribution business, which is currently operated by SNL, will first be transferred to Lynks under a Business Transfer Agreement between the two entities. SNL will then transfer its entire holding in Lynks to TIPL.

What Is The B2B Distribution Business Worth To Swiggy?

The B2B authorised distribution business recorded ₹668 crore in revenue from operations in fiscal 2026, accounting for 2.90% of Swiggy’s consolidated revenue. As of 31 March 2026, the business had ₹500 crore in net assets, or 2.73% of Swiggy’s consolidated net worth.

Lynks Logistics reported nil revenue from operations in fiscal 2026, while its net worth stood at negative ₹11 lakh as of 31 March 2026.

Once completed, the B2B business will be transferred to TIPL, which operates in the cash-and-carry wholesale segment directly and through its affiliates. Swiggy will instead receive securities issued by TIPL as consideration for the Lynks stake.

The proposed transaction is expected to be completed by 22 October 2026, subject to the conditions and other terms set out in the transaction documents.

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