New Delhi: On-demand convenience platform Swiggy, on Friday (Mat 13), announced that it has entered into a definitive agreement with Times Internet to acquire dining out and restaurant tech platform Dineout. While the companies haven’t disclosed the deal amount, media reports suggest that Dineout is valued at about $200 million. “The acquisition will allow Swiggy to explore synergies and offer new experiences in a high-use category,” Swiggy CEO Sriharsha Majety said. Stating that Dineout has created a positive impact on consumers and restaurants, Times Internet Vice Chairman Satyan Gajwani said the combination of Swiggy and Dineout is a powerful one.
Swiggy-Dineout Deal: 5 Important Points
1. Dineout has about 50,000 partner restaurants in 20 cities.
2. Swiggy said in a statement that Dineout will continue to operate as an independent app post the acquisition.
3. Dineout co-founder & CEO Ankit Mehrotra said, “We strongly feel that with Swiggy’s deep understanding of the ecosystem and our shared passion for a superior consumer and restaurant experience, our joint forces will help provide a holistic platform in this industry.”
4. Founders of Dineout — Ankit Mehrotra, Nikhil Bakshi, Sahil Jain and Vivek Kapoor — will join Swiggy post-acquisition
5. Swiggy said the acquisition of Dineout will enable it to cater to every food occasion and it will “double down on the synergies with Dineout’s offerings, including dining out table reservations and events. In time, restaurant partners will be able to reach more customers and grow their business”.
– With PTI inputs.