Swiggy to buy table booking platform Dineout
DINEOUT WAS ACQUIRED BY TIMES INTERNET IN 2014 THROUGH ITS TIMESCITY PLATFORM
NEW DELHI: Food aggregator Swiggy has entered into a definitive agreement to acquire Times Internet-owned table booking platform Dineout, it said on Friday.
The acquisition will allow Swiggy to explore synergies and offer new experiences in a highuse category, said Sriharsha Majety, chief executive officer (CEO), Swiggy. The food aggregator did not disclose the financial details of the transaction.
Mint first reported about the potential acquisition earlier in February.
“Dineout is a well- loved brand that enjoys loyalty from both consumers and restaurants. Times Internet and the founding team should be credited for the transformational impact they have brought about in the dining out experience through their products, technology, and vast selection of restaurant partners,” Majety said.
Post the acquisition, Dineout will continue to operate as an independent app and its founders Ankit Mehrotra, Nikhil Bakshi, Sahil Jain, and Vivek Kapoor will join Swiggy, it said.
“At Dineout, we always wanted to revolutionize the restaurant industry and this acquisition is an accelerating step towards the same goal,“said Dineout CEO Mehrotra.
Founded in 2012, Dineout was acquired by Times Internet in 2014 through its TimesCity platform for an estimated value of Rs60 crore. Dineout has a network of more than 50,000 restaurant partners in 20 cities.
“We are proud of the positive impact that Dineout has created for consumers and restaurants, helping streamline and improve the eating out experience. Swiggy+Dineout is a powerful combination,” said Satyan Gajwani, vice chairman, Times Internet.
Swiggy, the SoftBank-backed Indian food delivery aggregator, closed a $700 million funding round in January led by asset management firm Invesco, almost doubling its valuation from its previous fund raise to $10.7 billion. The firm’s food delivery business had nearly doubled in gross order value in the last year, it said.