E-commerce platform Lynk Logistics witnessed a 2.3X revenue spike in FY23 as opposed to Rs 210.5 crore it saw in the preceding financial year. The company saw a majority of its revenue coming in from operation with a very small percentage coming in from other revenue streams.
Lynk Logistics is a Chennai-based e-commerce platform set up by Abinav Raja and Shekhar Rajan Bhende. It started off as an inter-city logistics company and pivoted to become a kirana commerce platform in 2020. It primarily drives revenue from the sale of FMCG products to retailers and covers over 140K kirana stores and around two dozen brands including Unilever, Zydus, Marico, and RedBull among others.
Food delivery company Swiggy acquired Lynk Logistics in 2023. Post acquisition, Lynk Logistics is said to operate as an independent business led by co-founder and CEO, Shekhar Bhende.
The 2015 established company’s expenses crossed Rs 500 crore in FY23, a 2.2X increase from its previous fiscal year. Employee benefits and transportation costs were among the top expenses for the company in the fiscal year ending March 2023. Lynk Logistics spent over Rs 30 crore and close to Rs 17 crore, respectively, on each of the segments.
The company’s losses amounted to Rs 122 crore with EBITDA margins at -13.33% and ROCE standing at -494.30%. In FY22, the company’s losses stood at Rs 36 crore.
Lynk Logistics raised Rs 19.76 crore in its Seed round. It was raised on April 2018 and saw The Ramco Cements as the lead investor.
Post the round, Ramco Industries held a majority of the company shares while Venketrama Raja had control over a little over 12% of the company.
Lynk Logistics competes against the likes of WheelsEye, WeTruck (ShipNext), and Blackbuck.